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Taxable component - taxed element: This is a component which includes amounts where a fund has paid 15% tax on the contributions or earnings.

Taxable component - untaxed element: This is a component which generally only applies where a fund has not paid any tax on the contributions or earnings. Our West State Super and Gold State Super are ‘untaxed funds’. It doesn’t mean no tax applies, just that tax applies later. It includes funds in super, such as before-tax contributions, that have not yet been taxed. The tax on this component is calculated when the funds are either moved to a taxed super environment (such as a taxed fund, or account-based pension), or accessed as a payment.

Taxed scheme: GESB Super is a taxed scheme, which means that a 15% contributions tax is payable on taxable contributions (such as employer or salary sacrifice contributions). Investment earnings in a taxed fund are taxed at a maximum rate of 15% in the year that they are earned. You might also need to pay tax when you are able to access your super benefit, but this depends on your individual circumstances.

Tax-free component: The tax-free component of a member's super interest is not taxed when accessed. It is the sum of the value of the contributions segment and the crystallised segment. The contributions segment is generally made up of your non-concessional contributions made after 30 June 2007, or other contributions we’ve received that are not taxed in a super environment. The crystallised segment is the amount of several tax-free components as at 30 June 2007, such as the concessional component and pre-July 1983 component.

Tax-free element: The tax-free element of a member's super interest is the sum of the value of the contributions segment and what’s known as the crystallised segment. The crystallised segment is generally made up of after-tax personal contributions, or other contributions we’ve received that are not taxed in a super environment.

Tax offset: This is an entitlement which reduces the amount of income tax to be paid.

Total and Permanent Disablement insurance: This type of cover provides a one-off lump-sum payment if you are totally and permanently disabled and cannot work due to that condition.

Traditional asset classes: These are types of investments which include the basic categories of Equities, Fixed Interest and Cash.

Transaction costs: Transaction costs are costs incurred when we or our investment managers buy or sell investments, including such costs incurred in or by an interposed vehicle. They may include costs such as brokerage, settlement costs (including settlement related custody costs), bid-ask spreads, stamp duty on investment transaction costs and clearing costs, and buy-sell costs for our underlying investments (where applicable). Transaction costs do not include borrowing costs or property operating costs.

The buy-sell costs of our underlying investments are not passed on to you as a fee to be paid to us or an external manager, as no buy-sell spread is currently applied directly to your GESB Super account. However, buy-sell costs will reduce the returns on your selected investments.

All explicit transaction costs are included in the transaction costs for each investment plan. Transaction costs are an additional cost to you and are deducted from the fund’s underlying assets before the daily unit price is calculated.

Transfer balance cap: This is a lifetime limit on the total amount of super that can be transferred into or held in a tax-free retirement account, such as our RI Allocated Pension. The current transfer balance cap is $1.9 million for the 2023/24 financial year. The transfer balance cap doesn’t apply to Transition to Retirement Pension accounts.

Transferred Contributions and Interest: If you were previously in the WA Public Sector Pension Scheme, this part of your benefit is made up of the contributions you made plus interest that was previously transferred from the WA Public Sector Pension Scheme to Gold State Super. This only applies if you have Gold State Super.

Transferred Service Benefit: If you were previously in the WA Public Sector Pension Scheme, this extra service benefit is based on the past full-time employment you accrued when you transferred from the WA Public Sector Pension Scheme to Gold State Super. This only applies if you have Gold State Super.

Transition to retirement: This is a strategy that allows you to access your super benefit once you have reached your preservation age for your fund, in the form of a non-commutable income stream, while you continue to work full or part time. For more information visit our transition to retirement page.

Total superannuation balance (TSB): Generally, your total superannuation balance is calculated on 30 June each year, by adding together any super amounts you have in accumulation or pension accounts. This includes any super you are transferring between super funds or moving to a pension account on this date. You can check your TSB using myGov, or visit the ATO website for more information.

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