Due to recent taxation law changes, BIRST is updating its systems to align with Australian Taxation Office (ATO) guidelines.
All new BIRST memberships will now be set up by default as Genuine Redundancy Accounts (GRA).
Under this account type, employees can only access their funds in cases of:
- Genuine Redundancy
- Financial Hardship
- Retirement, or
- Permanent Exit from the Industry
If an employee resigns, they must submit a claim form on or before their final working day to change their account type to an Employment Termination Payment (ETP) Account.
Please note:
- When an employee starts with a new BIRST employer, a new account is automatically opened under their membership as a default GRA.
- Once an account has been changed to an ETP, it cannot be converted back to a GRA.
Employees who have already left employment and are not working with a new BIRST employer may claim under Financial Hardship, 28 days after their termination date.
For further information or clarification, please see our FAQ's or contact the BIRST office on (08) 8373 0122.
