WHAT ARE THE BENEFITS?

ACIRT has been designed and structured to provide the following benefits:

1. It provides security of members' redundancy entitlements because the members accrued redundancy entitlement is safe in the event of an employers liquidation.
2. Unlike other redundancy funds in Australia, ACIRT distributes all its annual surplus income to Members. The surplus income 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 will be taxable in the hands of the members who are required to declare such payments as part of their yearly income.
3. Redundancy benefit payments are paid directly to the member by ACIRT, either by cheque or electronic fund transfer to a nominated bank account.
4. 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

HOW DO I CLAIM MY BENEFIT?

Annual Income Distribution
No action is required on your behalf. If you are eligible, a cheque will be mailed to your last known address by no later than 31 July.

Members will only receive a distribution if their account balance during the year returns an income of $50.00 or more. This represents the 'notional' annual administration member account keeping fee paid.

The annual income distribution is taxable in the hands of the members.

Any payment should be included in each members tax return for the financial year just ended 30 June.

REDUNDANCY

On becoming redundant you are entitled to be paid a redundancy benefit of the amount contributed into ACIRT by the employer on your behalf.

Redundant is defined in the Trust Deed as:

'The termination or cessation of employment of the member for any reason'.

PAYMENT OF BENEFITS

Upon the employer and/or the member providing the administrator with the necessary details i.e. completed claim form and relevant documents, then the redundancy benefits will be paid directly to the member either by cheque or electronic fund transfer, whichever method of payment is nominated on the claim form. The administrator will process payment within 3 business days from receipt of the completed claim form.

Employers or members can lodge the claim form with the administrators by facsimile, mail or by hand delivery to one of the listed offices of the Fund administrator.

For more information see your Member Information Booklet.