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The Fire and Emergency Services Superannuation Fund (FES Super) is the superannuation fund for employees of the Department of Fire and Emergency Services of Western Australia and some associated employers..
FES Super Latest News
2021 Federal Budget
This year’s Federal Budget included several measures designed to help members of superannuation funds including removing the work test for older workers making voluntary contributions, reducing the eligibility age for downsizer contributions, removing the $450 Super Guarantee contribution threshold and enhancing the First Home Super Saver Scheme.
While the Government expects these changes to take effect from 1 July 2022, the required legislation has not yet been passed.
The main proposed changes to superannuation include:
Removing the work test for voluntary super contributions
The current work test requires a person to be employed for at least 40 hours in a consecutive 30-day period, during the financial year, before any super contributions can be accepted - concessional (before tax) or non-concessional (post-tax).
Under the proposed changes, the existing working test will be abolished on 1 July 2022. However, the work test will continue to apply where an application to make personal deductible contributions is made.
Existing contribution cap arrangements continue to apply.
Reducing the eligibility age for downsizer contributions
The downsizer contribution allows people to make a one-off, post-tax contribution to their superannuation of up to $300,000 per person from the proceeds of selling their home. Both members of a couple can contribute in respect of the same home and contributions do not count towards the non-concessional contribution caps.
The Budget proposes to reduce the eligibility age to make downsizer contributions into super from 65 to 60 years of age.
Removing the $450 per month threshold for superannuation guarantee eligibility
Currently, an employer is required to pay superannuation for employees who earn at least $450 per month.
The Budget proposes to remove the $450 per month minimum income threshold and is aimed at improving equity by building the superannuation savings for people on lower incomes.
First Home Super Saver Scheme — increase in maximum amount to $50,000
Under the FHSSS individuals can make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into their superannuation fund to save for their first home. Provided they meet the eligibility requirements they can then apply for the release of their voluntary contributions, along with associated earnings, to help them purchase their first home.
Currently individual can apply to have a maximum of $15,000 of their voluntary contributions from any one financial year included in their eligible contributions to be released under the FHSSS, up to a total of $30,000 contributions across all years.
On 8 May 2021, the Government announced it would increase the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme (FHSSS) from $30,000 to $50,000.
There are several other proposals with more general application that may impact superannuation and retirement income, including changes to corporate and international tax and increased funding for government regulators.
Please contact FES Super if you require more information on these proposals.
The Australian Parliament has passed new legislation, the ‘Protecting Your Super’ package, which took effect on 1 July 2019.
The package includes several changes designed to reduce erosion of superannuation account balances. One of the changes may affect some FES Super members.
From 1 July 2019, non-defined benefit superannuation accounts with a balance under $6,000 must generally be transferred to the Australian Taxation Office (ATO) unless the member’s account has in the previous 16 months:
Received a contribution, rollover or automatic transfer from another fund,
Made an investment choice,
Changed their insurance cover,
Made a binding beneficiary nomination, or
Provided written notice to the ATO or to FESSuper that they do not want their FESSuper account to be transferred.
The first transfer to the ATO will be made on or before 31 October 2019.
If your account is identified as a low balance inactive account, we’ll contact you with information about how you can choose to stay with FESSuper.
Note the above change does not affect members with a defined benefit account.
Certified Copy of proof of your identity for rollovers or payments
Members are reminded that we are required by law to confirm your identity before you can withdraw all or part of your benefit from the Fund or where you wish to transfer money into the Fund.
Enhanced security measures adopted by the Superannuation Board with effect from 1 January 2018 require you to provide to the Fund a certified copy of your proof of identity on each and every occasion that you seek a payment from the Fund, where you seek to transfer money into the Fund or on such other occasion as the Superannuation Board requires you to prove you are the person to whom the superannuation entitlement belongs. The proof of identity document provided should have photographic evidence of your identity and be dated within 7 days of your request for a payment or a transaction.
Rolling over your superannuation accounts from other funds into FES Super will make it easier for you to manage your superannuation and reduce the overall administration fees you have to pay for your super.
To help you maximise your superannuation we have provided you with a direct link to the Super Guru website that is maintained by the Association of Superannuation Funds of Australia Ltd. To access the Super Guru website click on the words "ASFA - Super Guru - Super Consolidation" below.