Information about Member Distributions 2021
Posted on Nov 16, 2021
The Plumber's Fund have been working hard to ensure all eligible members receive a member distribution for the year ended 30 September 2021.
If you're eligible this year, check your email for details on how your distribution will be paid. Otherwise, here's all the information you need to know.
Eligible members who have followed the steps below by 30 November 2021 will have their payments processed in December 2021.
How do you receive your PPTEF Member Distribution?
Distributions are paid by Electronic Funds Transfer (EFT) and will require eligible members to have their payment details up to date in WorkerLink – so it is important to check these and make sure they're up to date. Here's how;
STEP #1 – Login to your WorkerLink account
STEP #2 – Go to the ‘Annual Distributions’ page on the left-hand menu. Here you will see your eligibility for a member distribution and the amount. You'll also be prompted to update your payment information.
STEP #3 – Click ‘Begin’. You'll be prompted to provide your bank details or confirm them if provided via a previous claim. Enter your Tax File Number (TFN) and click ‘Next’.
STEP #4 – Identity Verification. You will be taken through an ID check using Green ID. Please have a valid ID (Australian Passport or driver's license or Medicare card ready. Click ‘Save'.
STEP #5 - The PPTEF will process your Member Distribution, and you will receive a confirmation notification when the funds have been paid to your bank account.
Member Distributions - General Information
What is a member distribution?
Subject to the investment performance of the fund, it is the PPTEF's policy to make a distribution to eligible members based on a member’s share of that taxable income.
The amount of the distribution is dependent on a member’s average balance over the financial year from 1 October 2020 to 30 September 2021. Members are only eligible for a distribution if their share of the taxable income is above a minimum amount determined by the PPTEF.
When is the member distribution paid?
PPTEF member distributions are paid early in December at the discretion of the PPTEF. This gives Plumber's Fund members a boost leading into the holidays.
Is tax payable on a member distribution?
The distribution is expected to be fully taxable in the financial year it is paid to members. For example, a distribution paid in December 2021 will be assessable on a member’s income tax return for the financial year ended 30 June 2022.
No tax is deducted from the distribution to eligible members where we have been provided with a Tax File Number (TFN). If the PPTEF does not have your TFN, we are required to deduct tax at the highest marginal rate, as well as deducting any special levies.
How will member distributions be paid?
Distributions are paid by Electronic Funds Transfer (EFT) and will require eligible members to have their payment details up to date in WorkerLink – so it is important to check these and make sure they're up to date.
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