Important information for accountants and tax agents

Recently the Fund began communicating to members about the private taxation rulings that have been granted (BERT Fund No.2 - 1051887495355 - Genuine redundancy payment; BERT Fund - 1051892393177 - Genuine redundancy payment).  This communication encourages members to lodge amendments to previous tax returns through their accountant or tax agent. 

The private tax ruling covers redundancy payments made to mutual clients where their redundancy event occurred after 1 July 2020.  This covers approximately 8,500 payments made by the Fund to members.    

In working directly with the ATO the Fund has re-reported all of the details for the effected payments.  In accordance with the ATO’s request, prior financial years (2020/2021 and 2021/2022) were re-reported using the EMPDUPE file system.  Due to this, these details may not appear on clients pre-filled information for these financial years.  The Fund also engaged extensively with the ATO on the implementation of the private taxation ruling including the best way for members to receive over withheld taxation back.   

Mutual clients have been given a cover letter that explains the ruling as well as two separate attachments:

1. An Amended Eligible Termination Payment Summary – This document allows accountants and tax agents to nil out the details from the original payment.
2. A Corrected PAYG Payment Summary – This document allows accountants and tax agents to re-apply the entire details of the payment as a Lump Sum D payment within the individuals payment details section of their return.

Amending the mutual clients return is a two-step process as described above. 

Should you have any further questions or require additional information please feel free to contact the Fund on 1300 261 114.