AIST welcomes same-sex super reform
Fiona Reynolds
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.
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
