Publication:Sea Talk Spring 2004/Reserves Column
By Commander Joseph Lukaitis, RFD, RANR
Director Naval Reserve Support- Victoria
New Director Reserves - Navy
Commander Darryl Nield has taken up duties as the new DRES-N replacing CMDR David Masters RANR on his retirement.
CMDR Masters, who has completed a very busy and successful three years as DRESN in NHQ has received a Chief of Navy Commendation for his outstanding performance as DRES.
CMDR Masters, who started his Navy life as an air frame and engine mechanic with 723 Squadron (Skyhawks) commented on his retirement, that he has" enjoyed it all" and "would do it all over again". Grandchildren and golf are on CMDR Masters' agenda for his retirement. CMDR Nield brings a wealth of Naval experience to the DRES-N position as an ex patrol boat CO and XO with service in Vietnam and Navy personnel and administration experience.
He was Director of the Pacific Patrol Boat Project and Director Maritime Assistance Project in Cambodia. His recent civilian employment has been as Business Development Manager with FORGACS Engineering and Ship building.
Medicare Levy reduction for Reservists A benefit of Reserve service that may not be widely known is the possible entitlement to a reduction in a Reservist's liability for the Medicare Levy based on the period of Reserve service rendered in a financial year, including any unpaid service.
The number of days of Reserve service for Medicare levy exemption purposes is assessed in accordance with an Australian Taxation Office ruling that a part day attendance is treated as one day. Every active Reservist should receive an annual statement of Reserve service completed during the relevant financial year.
If you have not received an annual statement, you should follow up through your divisional system, to enable you to claim your Medicare Levy reduction when you lodge your annual tax return.
Defence Home Owner Loan Scheme For Reservists Have you considered applying for a Defence Home Loan? Reservists are eligible for the Defence Home Owners Scheme which provides a subsidy on the interest payments on a housing loan of up to $80,000.00.
The subsidized loan can be established on an existing home or a new home purchase. To qualify for a loan, a Reservist must have completed eight years continuous effective reserve service. The entitlement is then to a year of subsidy for each further year of effective service thereafter, up to a maximum entitlement of 20 years. The monthly interest subsidy amount is 40% of the average monthly interest to be paid over the life of a 25 year loan.
Loans are provided through the National Bank and administered through the Defence Housing Authority.
Applicants need to satisfy the bank's normal lending criteria. Top up finance will generally be available at the normal bank variable interest rate or the applicant can negotiate a fixed or variable rate package with the bank.
A surviving spouse can take up a Reservist's entitlement within two years of death or retirement of the Reservist.
If you would like to obtain more information and ascertain your eligibility for a Defence Loan, contact the Defence Housing Authority on 1800 802 763 (toll free).
