Is Gesb a good super fund?
GESB, the fund for WA State Government workers, also performed well. WA Super achieved results that would place it in the top 10 for super fund returns for 2018/19 in SuperRatings’ rankings for the biggest 50 super funds.
Is Gesb Australia wide?
We’re the largest super fund in WA and one of the largest in Australia. Currently we have around 240,000 members and over $35 billion in funds under management (as at 31 March 2022). Under our state super regulations, we can only accept employer contributions from WA public sector employers.
Is GESB an untaxed fund?
Taxed and untaxed funds At GESB, we manage both taxed and untaxed super funds or schemes. The main difference between the two is the timing of when tax is deducted, which impacts the tax treatment of the money within your super.
How much super do I need to retire?
A good place to start is the ASFA Retirement Standard, December quarter 2019. ASFA estimates people who want a comfortable retirement need $640,000 for a couple, and $545,000 for a single person when they leave work, assuming they also receive a partial age pension from the federal government.
What type of fund is GESB?
taxed super scheme
GESB Super is a taxed super scheme with a range of investment plans and fees below the industry median1. Only WA public sector employers can make employer contributions to your GESB Super account. Explore the tabs below to find out more about your account including your insurance and how your money is invested.
How can I avoid paying tax on my super?
If you’re under age 60 and withdraw a lump sum:
- You don’t pay tax if you withdraw up to the ‘low rate threshold’, currently $225,000.
- If you withdraw an amount above the low rate threshold, you pay 17% tax (including the Medicare levy) or your marginal tax rate, whichever is lower.
How much tax do I pay on my super when I retire?
If you are aged 60 or over and decide to take a lump sum, for most people all your lump sum benefits are tax free. If you are aged 60 or over and decide to take a super pension, all your pension payments are tax free unless you are a member of a small number of defined benefit super funds.
How much super can I have and still get the pension?
Superannuation is counted as an asset for Age Pension purposes and will count towards the Assets Test limits….Full Age Pension – Assets Test.
| Homeowner | Non-Homeowner | |
|---|---|---|
| Single | $270,500 | $487,000 |
| A couple, combined | $405,000 | $621,500 |
| A couple, separated by illness | $405,000 | $621,500 |
How much money can you have in the bank and still get the pension in Australia?
The test resulting in the lower pension rate will be the one applied to your personal situation….Full Age Pension asset limits.
| If you’re: | A homeowner | Not a homeowner |
|---|---|---|
| Single | $270,500 | $487,000 |
| A couple (combined) | $405,000 | $621,500 |
| A couple, with one partner eligible (combined) | $405,000 | $621,500 |
Can I join GESB?
New members welcome. GESB Super is open to all current WA public sector employees. If you join the WA public sector, you’ll have a GESB Super account opened for you unless you choose another super fund.
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