Finance and Legal Matters
Index:
- ADF Financial Services Consumer Council (ADFFSCC)
- Australian Taxation Office (ATO)
- Centrelink
- Child Support Scheme
- ComSuper
- Legal Aid
- Smart Salary
- RAAF Benefits
- Compare your Package
ADF Financial Services Consumer Council (ADFFSCC)
The Australian Defence Force Financial Services Consumer Council (the Council) provides independent, professional financial education (not advice) to ADF members and their families.
The Council has developed educational resources, training and guidance for ADF members and their families which can be found on the Council’s website: www.adfconsumer.gov.au
Australian Taxation Office (ATO)
On separation from the ADF, you are likely to receive pay, pay in lieu of leave, possibly pay in lieu of Long Service Leave, possibly a pension payable by your military superannuation fund and in certain circumstances a disability pension. All of these may be treated as sources of income and may therefore be subject to taxation.
You should consider seeking professional taxation advice to assist you understand the impact (if any) that taxation may have on your separation and ongoing payments after you leave Defence.
The ADF Financial Services Consumer council at www.adfconsumer.gov.au and
the Australian Taxation Office www.ato.gov.au websites can assist.
Centrelink
Centrelink provides a range of services that may be of benefit to you after you leave the ADF. This includes family assistance support and financial support and advice.
You should visit the Centrelink website (www.centrelink.gov.au) and become familiar with the services they offer.
ComSuper
ComSuper administers both the Defence Force Retirement and Death Benefits Scheme (DFRDB) and the Military Superannuation and Benefits Scheme (MSBS) on behalf of the DFRDB Authority and the Military Superannuation and Benefits Board, respectively.
Information on superannuation entitlements relating to resignation, age retirement, medical separation, redundancy, death and ancillary benefits are readily available from ComSuper.
Depending on your circumstances benefits may be either payable immediately as a lump sum or pension (or combination of both) upon separation from the ADF or preserved in the respective scheme.
You should make early contact with ComSuper as they can provide you with written estimates on what your superannuation, including pension benefits might be.
Further information is available from their websites at:
For MSBS members: www.militarysuper.gov.au
For DFRDB members: www.dfrdb.gov.au
Legal Aid
The Defence Legal Service can assist ADF members and Unit staff in relation to preparation of Wills for ADF members and advice on legal representation in relation to offences under the Defence Force Discipline Act.
SmartSalary
Salary sacrifice is an initiative that enables military and civilian personnel to restructure their salary to achieve a mix of net salary and other benefits paid out of gross salary. Defence has outsourced the management of Salary Packaging administration to SmartSalary Pty Ltd, a company that specialises in the administration of salary packaging.
If you have entered into a lease or salary sacrifice arrangement with Smart Salary you should notify them of your decision to separate from the ADF as you may not be able to continue your salary sacrifice arrangements with them after you leave the Permanent Force.
Comments, Queries, Suggestions? Please let us know...