The Australian Institute of Superannuation Trustees (AIST) has welcomed the Federal Government’s proposal to remove discrimination in superannuation and tax laws, aged care and some other Commonwealth programs.
Federal Attorney-General Robert McClelland last week announced changes to around 100 laws that currently discriminate against same-sex couples.
AIST chief executive officer Fiona Reynolds said the changes were long overdue and would make it much easier for same-sex couples to access or split their superannuation entitlements, particularly in the event of a partner’s death or a relationship breakdown.
The changes could deliver significant financial benefits to many couples, Reynolds said.
Existing laws deny same-sex partners access to the superannuation contribution spouse tax offset, which is currently worth up to $540 a year, superannuation lump sum death benefits are not automatically tax-free for surviving gay partners and same-sex partners cannot engage in contribution splitting with their partner.
“The Government’s proposal recognise that same-sex couples are entitled to the same superannuation and death benefits as anyone else,” Reynolds said.