TAXATION

A Federal Government tax of 15% applies to all employer contributions and non employer supported contributions (where you have advised us that you plan to claim a tax deduction) after your insurance payments are deducted. All benefit payments are also taxed in line with Federal legislation.

Previously, the Government applied a surcharge if you had not provided your tax file number or your 'adjusted taxable income' exceeded a threshold. No surcharge is payable in respect of superannuation contributions or termination payments made on or after 1 July 2005.

Tax File Numbers

Westscheme is required by law to properly safeguard your TFN and only use it for approved superannuation and taxation purposes.

You don't have to, but if you choose not to give your TFN:

• All employer contributions will be taxed at the highest marginal tax rate plus Medicare levy; and
• Westscheme will not be able to accept personal contributions from you.
  

The Membership Application form has a section where you can provide your tax file number.

For full details, please see the section on Taxation in the Member Handbook/ Product Disclosure Statement.