ACIRT provides the following benefits to Members:
- It provides security of members' redundancy entitlements because the members accrued redundancy entitlement is safe in the event of an employer’s insolvency.
- Unlike other State based redundancy funds in Australia, ACIRT generally distributes its entire annual surplus (i.e. profit) to Members. No trust distributions have ever been made to other beneficiaries such as employers, sponsors or other third parties. The ‘annual distribution’ cheque is mailed to members in July each year. The income available is calculated in much the same way as many bank accounts - calculated on the daily balance. The annual income distribution is generally income to members (except where the Trustee distributes tax free income) who are required to declare such payments in their Income Tax Return.
- Redundancy benefit payments are paid directly to the member by ACIRT, either by cheque or electronic fund transfer to a nominated bank account or financial institution.
- ACIRT also provides a 'funeral benefit' of up to $6,500 for 'eligible' deceased members. Dependants, family members or other claimants must demonstrate financial hardship.
- ACIRT pays the full accumulated member benefit within 3 business days on receipt of the completed Redundancy Benefit Claim Form.