What is an untaxed scheme?
Most super funds are 'taxed' funds, which means the tax is paid up front, except for a few public sector funds, which are ‘untaxed.’
Untaxed does not mean no tax applies, but instead tax is charged when your benefit is paid or rolled over to a taxed scheme.
Gold State Super, West State Super and the WA Public Sector Pension Scheme are all untaxed schemes.
If you have a Gold State Super account or are a member of the WA Public Sector Pension Scheme
If you have a Gold State Super account or are a member of the WA Public Sector Pension Scheme, the Commonwealth government does not tax your benefit until it is paid to you or rolled over into a taxed fund.
If you have a West State Super account
If you have a West State Super account, neither the contributions made into your account nor your investment earnings are taxed until your super is paid to you or rolled over into a taxed fund.
Your member statement shows before tax
The total benefit amount on your member statement is before tax. Your Final Benefit will be reduced by the tax payable on this amount.
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