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No. 2 Redundancy Fund
With the changes to the Fringe Benefit Tax law one of the main requirements for contributions to be exempted from the tax was that contributions had to be paid into an Approved Worker Entitlement Fund. For this the No.2 Fund was established.
There are a number of conditions that a Fund must satisfy before it will be registered as a complying Fund. The Board of WACIRF established the No. 2 Fund and it was registered with the Australian Taxation Officer as an approved Fund.
From the 1 st April 2005 all contributions are now only paid into this Fund and when a worker makes a claim for their redundancy entitlements they will receive two payments if their employment period commenced before the 1 st April 2005.
Over a period of time all of the entitlements in the WACIR Fund (the old Fund) will be paid out which will only leave the No. 2 Fund to carry on accepting contributions and making payments.
Circulars to Members
