If you have ever worked in the WA State public sector, chances are that you may have a West State superannuation account. What you may not know is that owning one of these accounts can prove extremely valuable, even if you are no longer working. West State super operates under different rules than most super funds, giving West State members potentially fantastic opportunities to save tax, even when they are no longer employed by the State public sector.

However, the WA State Government recently passed legislation requiring GESB to transfer any lost or unclaimed super monies to the Australian Tax Office (ATO) by 30 April 2015. Effectively, accounts held open but which don’t receive any regular contributions may be affected – for example, if you have previously received advice to retain a small balance in the West State after leaving the public sector. This could inadvertently close West State super accounts deliberately held open for future use, and end up costing thousands.

While GESB will be mailing members who may be affected over the next few weeks to let them know.  You should be provided with the option to fill out and return an ‘Exclusion from account transfer to the Australian Tax Office’ form to elect to be either permanently or non-permanently excluded from this transfer. This is crucial to ensure that your West State account is not closed.

Importantly, GESB need to receive these forms by Friday the 27th of February.

For more information on the benefits of West State Super, visit www.gesb.com.au/weststatesuper