Do I have to pay administration charges?
No administration fees are payable by either you the employer or your employee. The costs of running the Fund are deducted from the earnings of funds held in trust.
What happens to the surpluses?
Surpluses generated by the investment of funds held are used for the benefit of the construction industry as decided by the Board of the Fund. However, one of the most important contributions that ReddiFund makes to the building and construction industry is by being the major sponsor of Mates in Construction WA, which is a not-for-profit organisation that provide services to help prevent suicide. We do all this to support a productive, fair and robust WA building and construction industry that encourages loyalty from both employers and employees..
Do we have to pay GST or FBT on Redundancy Contributions?
No GST is charged on redundancy contributions and as a result of the ReddiFund being an Approved Worker Entitlement fund, the Fringe Benefits Tax Act exempts employer members of such funds from having to pay FBT on those contributions.