This information is provided to assist you to understand the GEERS claim assessment processes and what information you need to supply.
GEERS spreadsheet
The Department requires verified information from you before employees’ claims can be assessed for eligibility under GEERS. To assist you to provide this information, the case manager will provide you with a GEERS spreadsheet to record the eligible employee entitlements data. This includes:
- employment and termination details
- amounts owing at time of separation
- payments made since employees were terminated.
Please notify the Department as soon as possible if you are unable to obtain this information.
Verification Statement
Once the Department has received the completed GEERS spreadsheet, the case manager will ask you to sign a Verification Statement.
- The Statement confirms the employment details and the entitlements of employees and requests you to verify that the calculations are based on valid records
- The Verification Statement should be completed and returned to the Department.
GEERS Distribution Agreement
When you receive the Verification Statement, you will also be asked to complete and return a Distribution Agreement relating to the payment of GEERS advances. The Distribution Agreement sets out:
- payment method and personal particulars
- details of the bank account to be used
- the Commonwealth’s recovery rights
- a certification that the company in question does not have enough funds to pay the entitlements that GEERS intends to cover.
Once the completed Agreement is returned to the Department, GEERS advances will be forwarded to you with the Payment Summary.
Payments
Following the verification of entitlements, the Department will send you a Payment Summary and the GEERS advance. Please note that:
- GEERS advances can only be used for the purpose for which they have been made available
- in distributing GEERS advances, the insolvency practitioner must comply with all legal requirements relating to the payment of employee entitlements, such as deducting income tax or HECS prior to distribution to employees
- GEERS advances must be distributed, in accordance with the Payment Summary, within 14 days of receipt.
Acquittal and overpayment
- Together with the Payment Summary, the Department will send you an Acquittal and Overpayment Information spreadsheet
- Please return the Acquittal and Overpayment spreadsheet and the Statement of Acquittal to the Department within one month of receiving the funds.
- Any amount that is not distributed must be returned to the Department within one month of the advance.
Please return the completed Acquittal and Overpayment spreadsheet and the Statement of Acquittal by both:
For more information, please contact GEERS on:
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