FAQs
How do I gain access to the Employee Portal?
If you have not registered for our Employee Portal before, then you will need to contact our office so we can send out a Portal Invitation.
How do I reset my password?
From the Employee Portal Login screen, click on “Forgot your password?” button and this will take you through the process of resetting your password.
Do I earn interest on my entitlements?
No interest is paid to any member. The earnings on funds invested is primarily used to cover the cost of running the Fund and any remainder is used to fund services that are considered beneficial to the construction industry.
Are any fees taken from my entitlements?
No fees are charged to your account.
When am I entitled to make a claim?
You can make a claim for your entitlements if at the time of making the claim you have been terminated from your employment and have no future offer of employment within the building and construction industry.
What if I changed roles with the same employer?
If you have changed roles that no longer requires you to be “on the tools”, you can lodge a claim on your entitlements on or after the 12 months anniversary since having changed roles.
How do I make a claim?
There are two ways you can make a claim. You can visit our office and complete the necessary paperwork or download it from our web site, complete the paperwork and mail the originals to ReddiFund. Every claim must be accompanied by the following documents:
- Members Claim Form confirming your 9 digit Tax File number and bank account details, accompanied by a bank statement.
- Employee Application Form
- Separation Certificate or Letter of Termination from your last employer (we will not be able to process your claim until we receive written notification of your termination date from your last employer within the building and construction industry)
- Certified copies of 100 Points Identification (front and back) (for example Driver’s License, Passport) and Bank Statement.
- Statutory Declaration and your signature witnessed by an authorized person (see 100 Points Identification guidelines).
Once you have completed the required paperwork, it is recommended that you e-mail us a copy so that we can check to make sure they are completed correctly before posting the originals to us.
Claim documents received via post that contain errors, will have to be re-completed and re-posted before your claim can be processed.
When will my claim get processed?
We process claims twice a week on a Tuesday and Thursday. If however, there’s a public holiday, we will only process claims once on a Wednesday for that week.
Can I transfer my entitlements to another redundancy fund?
You can transfer your entitlements to another fund within the same State of your primary residence of 6 months or longer. All you need is a Transfer Request Form, Employee Application Form and certified copies of 100 points of identification.
Can I claim straight away if I receive a letter of termination from my employer?
The answer to this question depends on the termination date on the letter, the declaration date on the Statutory Declaration must always be on or after the date of your termination.
How much tax do I have to pay?
All payments made by ReddiFund is treated as an Employment Termination Payment (ETP) and is taxed at 32 cents in the dollar. If you are over the Preservation Age, then it will be taxed at 17 cents in the dollar. These rates apply provided you make a claim within 12 months of becoming entitled to make a claim. If you make a claim past 12 months since you became eligible to make the claim, the payment is required to be taxed at the marginal rate of 47 cents in the dollar. With the introduction of the mandatory Single Touch Pay-roll (STP) by the Australian Taxation Office (ATO), all payments we make are reported to the ATO immediately and becomes available in MyGov for every individual who has received a payment for their redundancy entitlement as a result of making a claim.
If you have been taxed at the highest marginal rate because you made a claim past 12 months since becoming eligible to claim your entitlement, the payment is no longer an ETP payment, but rather PAYG. This means that the gross amount you receive from us is assessed as additional income on top of your wages or salary, come tax time, any overpayment will be refunded by the ATO. If you need further clarification, please contact a registered tax agent.
I’ve been made genuinely redundant, what’s my tax rate?
We have been granted an ATO Class Ruling that deems the payments we make to our members as Employment Termination Payment (ETP), and we are required to withhold tax according to the rates in the ETP Tax Table.
If you believe you have been made genuinely redundant, come tax time, you can lodge a written objection to the ATO and provide proof you were genuinely made redundant. If successful, the ATO may refund the tax we have withheld from your redundancy payment.
What is my Preservation Age?
The Preservation Age of each individual is dependent on their date of birth. If you are unsure, you can always ring us during office hours to check.
What happens if my employer is not paying my redundancy contributions into the Fund?
When we become aware that an employer is in default of their obligations we will contact them and try to recover any outstanding entitlements. We have the power under the Trust Deed to take legal action to recover any entitlements that are outstanding.