Please click on a topic to obtain further information.
BSB Number
Our BSB (Branch) number is 704942
This BSB number can only be used within Australia for electronic transfers that debit or credit your LLL account. Contact the LLL if you wish to deposit funds into your account at a bank branch.
Along with our BSB you will need to quote the LLL account number (eg. 123456) and the account name (eg. J Smith).
Deeming
Recipients of social security benefits, are subject to pension and allowance income tests known as deeming. Deeming assumes that financial investments are earning a certain rate of income, regardless of what income is actually being earned. The deeming rules apply to financial investments (eg. bank or term deposits, bonds, shares, managed investments etc).
However, please note that the LLL has exemption from the deeming rules and the following applies:
The actual interest rate applicable to a depositor's LLL deposit account will always be used to assess a depositor's level of government benefits.
This means that the deeming rates do not apply for investments with the LLL. However the deposit account must be earmarked to support a capital project of the Lutheran Church of Australia or earmarked to "LCA Capital Projects".
Although the LLL is exempt from the deeming rules for income purposes, monies deposited with the LLL must still be declared to Centrelink as an asset in assessing a person's benefits. In addition the actual interest earned must be declared for income taxation purposes.
This exemption is of greatest benefit to those LLL depositors with interest free accounts.
Electronic Transfers
This facility provides an easy means of transferring funds from your LLL account.
Please complete the Periodical Payment Request OR setup via LLL@Home Internet Access to use this facility.
This facility provides an easy means to saving with the LLL.
We recommend you check with your bank in case they charge for Direct Debits on your bank account.
Please also read the important information notes.
Please complete the Direct Debit Request OR setup via LLL@Home Internet Access to use this facility.
Making Changes?
All alterations and cancellations must be made in writing or via LLL@Home Internet Access. A new authority is required when changing the ‘Transfer From’ account.
Fees
- No account keeping or government fees
- No fees for electronic transfers
- No internet access or transaction fees
- No fees for LLL cheques.
Interest
- interest is calculated on daily balances
- interest is added to accounts on May 31st annually
- your money is always available 'at call'
- no account keeping fees
- no cheque fees
Just like any interest that you earn you may be required to declare this amount for tax and Centrelink purposes.
An interest free account is one that earns no interest. Therefore no interest needs to be declared. You only need to declare interest that has been credited to your account.
With children’s accounts you have the option of either quoting the children’s details or the guardian/parent details.
- Claiming an exemption for the child (if they are under 16) will only apply if they earn income below their taxable income threshold.
- If the guardian/parent quotes their tax file number they will become responsible for the interest earned on the child’s account and may need to report it as taxable income.
LLL deposit accounts are normally interest bearing, earning 4.75% interest per annum. However, any depositor may choose a lower rate of interest on their account, or even no interest so that it becomes an interest free account.
The interest forgone enables the LLL to provide additional support to Lutheran Church of Australia projects like congregations, schools, care organisations etc. The depositor may nominate a particular area or project to benefit.
Forfeiting interest on your LLL deposit account for a specific project is a way of providing additional support to the mission of the Church.
In addition, accepting a lower interest rate is tax effective and for pensioners it is even more attractive recognising that the LLL has exemption from the deeming legislation. (This means it is only the actual interest earned and not the deemed rate that is used in calculating income benefits).
If you would like to change the interest instruction on your existing account please click here.
*Please note that to view the link above, the Adobe Acrobat plugin needs to be installed.
Legacies
To leave a legacy or bequest to the LLL the following wording can be used in your Will:
I give to The Lutheran Laypeople’s League of Australia Incorporated, of 175 Archer Street, North Adelaide, South Australia, #.........................(here insert your bequest or legacy) to be used by the League in support of the mission and ministry of the Lutheran Church of Australia through the _______________(here insert a specific permanent fund, if you so choose, otherwise simply state ‘permanent funds’) of the League.
# This can either be an amount of money, a percentage or portion of your estate, a property or some other specific item/s.
Matching Deposits
Matching deposits are unique to the LLL. They are a way for you to ensure that your LLL deposit account helps support a particular project of the Lutheran Church of Australia, be that a congregation, school or care organisation etc. By supporting your project in this way you are not affecting the status of your account, your funds are still secure and available “at call”. You can continue to make deposits and withdrawals as normal.
You advise us which project you wish to support and we will note that against your account. Your funds will then become matching deposits for that project.
Approved projects can borrow funds from the LLL for the equivalent amount of total matching deposits for that project. Loans have a low interest rate of 5% p.a. with no application fees nor any ongoing fees. When compared with the interest rates and fees imposed by commercial financial institutions, you can see your support will result in significant savings to the project.
At any time your matching deposit instruction can be changed to support another project and/or multiple projects, simply by writing to the LLL.
Other
Yes providing they can be sent via electronic transfer, any payments like these may be directly deposited to your account by providing our BSB (Bank State Branch) Number 704942 to the payer, together with your LLL account number (eg. 123456)
Currently this facility is not available. You can however transfer funds to a savings or cheque account.
LLL accounts do not have personal chequebooks. However you can request cheque’s made out to yourself or a third party, which will be forwarded to you.
No, they are not bank cheques. LLL cheques are classified like any normal personal cheque. In special circumstances we can organise bank cheques through ANZ bank on request. They do charge for this service, and this charge must be passed on to the customer.
All transactions are actioned by us and returned the same day that we receive them. Therefore you need to allow for the normal postal time between your state and Adelaide.
REG (Regular Electronic Giving)
Traditionally, members support the work of the congregation and the wider work of the Church through their regular offering at worship services.
Many people today have their wage, salary or other benefits paid direct into their bank account. Electronic banking, bill paying and EFTPOS are facilities that people are using more and more.
Congregations can now offer members the opportunity to make their regular contributions to the work of the congregation and the wider Church electronically through automatic transfer of money from their LLL account or an account with another financial institution, to their congregational LLL account. This facility is operated by the Lutheran Laypeople's League (LLL).
For more on REG click on 'Electronic Giving' on the main menu.
