Comtax

Income Tax Officers Credit Union was begun by a group of like-minded tax officers in 1958. The first deposit of $13 was made on 28 February 1958. The maximum loan at the time was $500 and the average wait time for a loan was 10 months. However, the wait shrank to two months within the first year of operation. After the first year the credit union had 432 members and at the end of the 1969 financial year it had 1345.

Comtax Credit Union was created in 1971 via the merger of Income Tax Officers Credit Union and the Fourth Division Taxation Officers Credit Union. In 2008 it went into partnership with Security Credit Union forming Allied Members Credit Union. Comtax and Security maintained their brand names and hoped to prosper but various forces – regulatory, technological and perhaps others – saw them merge with Sydney Credit Union (now Australian Mutual Bank) in 2014.

Fourth Division Taxation Officers Credit Union was registered on 4 September 1958 a mere 7 months after the somewhat larger Income Tax Officers Credit Union. The main driver behind the formation of Fourth Division was Neville O’Mara.

The following is a glimpse into the life and times of Comtax Credit Union via our extensive collection of their photographs.