April 2017

DIRECTOR'S MESSAGE

Throughout March, the BankVic Walking Tribe supported and participated in a number of community fun runs and walks.

Supporting our greater community is something that not only sits close to the bank's heart, but is something that aligns closely with our team members in their everyday life.

This is why we are continuously participating and helping to raise funds for these important causes. There's a number of new and exciting events to get involved in the coming months, so come along to one and don't hesitate to say hello when you see us in our BankVic shirts.

- Marianne Luttick



YOUR NEW BANKVIC APP IS LAUNCHING SOON

Banking on the go is about to get a whole lot quicker, easier and smarter with our new BankVic app.

The new app will be available for download on Apple iOS and Android devices and will have lots of new and exciting features we just know you'll love.

When ready, all you'll need to do is download or update the app from your app store. But don't worry, we'll let you know as soon as it's available so you don't have to keep checking.

For more information or to get a sneak peek preview of what's new in the app, please go to bankvic.com.au/app 

 

 


BANKVIC IN OUR COMMUNITY

Monash Children's Walk

In the beautiful surrounds of Jells Park, around 2,000 participants prepared to complete the Monash Children’s Walk on Sunday, 5 March. The day was a great success raising over $160,000 towards the Monash Children’s Hospital. More than 15 members of the BankVic Walking Tribe were proud to support such an enjoyable community event.

Walk West

WalkWest Walk Run was held in Footscray Park on Sunday, 26 March. The annual event organised by the Western Health Foundation supported and raised funds for the Joan Kirner Women’s and Children’s Hospital. The day was buzzing with excitement throughout, from the starting warm up aerobics to the busy WalkWest Village. We were proud to sponsor and participate in the family friendly event.

Royal Melbourne Hospital Ride To Recovery

On Tuesday, 4 April, the Royal Melbourne Hospital Ride to Recovery is taking place in the hospital’s Mooroop Wal-Lam-Buk Garden. The 12 hour challenge sees participants pedal on stationary bikes for 30 continuous minutes and offers fabulous prizes for those who go the extra mile. All funds that are raised go towards equipment and facilities to aid heart patients at the incredibly busy Cardiology Department at Royal Melbourne Hospital.

For more information visit rmhridetorecovery.org.au


EVERYDAY FINANCE AND YOU

Dreaming of living overseas?

Many Aussies dream of living in different countries at some point during their life. For some this remains just a dream but for hundreds of thousands of Australian residents who move away permanently from our shores, it is a reality. Whether it’s a long-term career move to New York or retiring in an island paradise, the decision to permanently leave Australia is one that requires sound financial planning.

In addition to learning as much as you can about your new home, there are many areas you must address before you leave Australia and some that need ongoing attention after you have settled abroad. These include taxation and superannuation, regardless of whether you are working overseas or retiring. There are also things like insurance cover and updating your Will that must be taken into account. Here are just some of the important points to include in your plans.

Taxation

The first point to consider with taxation is your status as an Australian resident.

Declaring as a non-resident is not just a matter of saying so, there is a set of domicile tests that you need to satisfy beforehand.

Becoming a non-resident for tax purposes carries significant advantages when acquiring or disposing of certain assets, specifically when it comes to capital gains tax (CGT). Some assets can potentially carry a 50% CGT discount for non-residents.

But the CGT rules are complex at the best of times, so it’s imperative that you seek professional advice – especially if you plan to derive income by renting out your home in Australia.

If you’re an Australian resident and you’re working while living overseas, remember that any income you earn must be declared to the Australian Taxation Office (ATO) – even if tax was deducted in the country you earned it.

Your tax adviser is the best qualified person to consult in determining your residency status for tax purposes. 

Superannuation

On the flip-side, as a non-resident, investing back into Australia can attract a relatively low withholding tax rate.

This can be particularly favourable for superannuation, however a number of pitfalls exist, especially with Self-Managed Super Funds (SMSF). Trustees of SMSFs must set up a Power of Attorney to ensure the fund’s central management and control remains in Australia.

Be aware that SMSFs risk losing their complying status if the benefit entitlements of non-residents exceed 50% of the fund’s assets.

Both residents and non-residents may contribute to superannuation provided they have a tax file number (TFN), and those over age 65 must satisfy the work test.

When accessing super, regardless of residency status, the normal release restrictions apply; if you retire after reaching preservation age, you may access your funds.

Superannuation is extremely complicated so it’s recommended that you speak with your financial adviser before making any decisions.

Centrelink

If you receive a Centrelink benefit, your departure may affect your payments. To learn more, go to humanservices.gov.au and type “Australians overseas” in the search field.

Health and pharmaceutical benefits

Australia maintains reciprocal health agreements with some countries. For details, go to humanservices.gov.au and type “reciprocal health care” in the search field.

If you need prescription medicine, check your medicine’s availability overseas. Additionally, don’t assume your medicine is legal in your new country just because it’s legal here. Your best advice is to check with the relevant embassy or consulate before leaving Australia.

Other issues

Equally important are insurance and estate planning.

Ensure your Will is current and appoint the appropriate Powers of Attorney – especially if you have assets in Australia. Overseas assets will need to be included in your planning.

Further, not all life insurance policies remain valid if you’re living overseas. Check the terms and conditions with your financial adviser and make the appropriate updates.

Moving overseas can be life-changing. Planning and professional advice can make it life-changing for the right reasons.


ELECTION OF DIRECTORS

Nominations are invited for the election of three directors 

In accordance with Clause 10.5 of the Constitution of Police Financial Services Limited, three director positions fall vacant this year in the course of rotation.

If you wish to nominate for one of these positions, please obtain a nomination form, which is available from the Company Secretary at 3/215 Spring Street, Melbourne, Vic. 3000.

All nominees must be eligible members under clause 10.2 of the Constitution. Each nomination form must be signed by two eligible members who themselves comply with the requirements of clause 10.2 of the Constitution.

The person being nominated must indicate acceptance on the same form. Nominations and candidate declarations must be lodged with the Returning Officer, Mr Ken Dyer of CorpVote Pty Ltd level 40, 140 William Street Melbourne Victoria 3000 no later than 12 noon on Friday 30 June 2017.

Members nominating for the election are invited to submit a personal summary, with supporting information to the Returning Officer.

The personal summary may contain: 

  • a personal statement of not more than 100 words;
  • a recent passport sized photograph

In accordance with clause S2.1 of the Constitution, if more nominations are received than positions falling vacant, a vote will be conducted by electronic ballot, postal ballot or a combination of both.

The results of the election will be declared by the Company Secretary at the annual meeting of members to be held on Thursday 16 November 2017.

Important notice to candidates

Police Financial Services Limited is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). As such, strict standards are in place to ensure the safety of members’ deposits. The supervision by APRA, combined with the provisions of the Corporations Act 2001 as administered by the Australian Securities and Investments Commission (ASIC), results in directors assuming legal responsibilities relating to many aspects of the organisation.

APRA requires candidates for director positions, incumbent directors and other responsible persons of ADIs to comply with rigorous standards relating to their fitness and propriety to undertake and/or remain in such roles. All nominated candidates will be required to provide personal information that satisfies the criteria relating to such standards prior to being able to stand as a candidate for election. Such standards include, but are not limited to: skill, knowledge and competence; character; diligence; honesty; integrity and judgement to perform the duties of a director of an ADI. APRA’s Prudential Standard CPS 520 dealing with directors’ fitness and propriety is available at apra.gov.au.

Both persons nominated and elected may be required to furnish further information or undertakings. Those persons elected will be required to actively participate in a suitable continuous professional development program to a level that satisfies APRA requirements in order to remain a director of the organisation.

Unless a relevant and timely assessment of fitness and propriety in accordance with APRA standards has been made already by Police Financial Services Limited, nominees will be required to meet with the organisation’s Nominations Committee in order to assess their fitness and propriety to be a director. This will occur at a suitable time prior to the election process.

Nominees required to meet with the Committee must provide relevant information beforehand as may be requested by the Committee, including a Curriculum Vitae with covering letter briefly addressing the criteria nominated in APRA’s Prudential Standard CPS 520.

Before forwarding a nomination, potential candidates are required to meet with the Company Secretary, who will explain the responsibilities and liabilities of being a director. The interview will cover the commitments required of directors and will also provide an opportunity to raise questions relating to the overall responsibilities of directors and the operations of Police Financial Services Limited. The meeting should take approximately one hour.

Potential candidates may call the Company Secretary on 03 9268 9299 during business hours, to discuss any of the matters referred to above.


COMPETITIONS

Readership competition 

Do you enjoy reading our monthly Member Matters? For your chance to win a $50 Wish gift card, email connect@bankvic.com.au and tell us what your favourite part of Member Matters is, or what you think we should include going forward. Let us know by 1 May 2017. Terms and conditions apply. We’d love to hear from you.

Congratulations

Congratulations to our Little Copper Club member Deity. She sent in some fabulous photographs of Melbourne town - her “second home”.

 

BSB: 704 230

Tools & Resources