|
The following information has been provided by Synergy Capital Management
Limited in its capacity as RSE Licensee of:
The Same-Sex Relationships (Equal Treatment in
Commonwealth Laws - Superannuation) Act 2008 (Cth) No 134 of 2008, which came
into effect 1 July 2008, enables same sex couples to be treated the same way as
married couples and opposite-sex de facto couples for superannuation matters
such as contribution splitting, death benefits and in relation to Family Law.
The definition of spouse is now:
-
another person (whether of the same sex or a different sex) with whom you are in a
relationship that is registered under a law of a State or Territory; or
-
another person who, although not legally married to you, lives with you on a genuine domestic
basis in a relationship as a couple.
The definition of child has been amended as follows to include children of same-sex couples:
"Child" now includes:
-
an adopted child, a step-child or an ex-nuptial child of the person; and
-
a child of the person's spouse; and
-
someone who is a child of the person within the meaning of the Family Law Act 1975.
If you are in a same sex relationship, the areas of change that may apply to you are:
-
contributions
-
death benefits
-
family law
-
binding death nominations
For further information about these changes please refer to your financial adviser or
the Client Service Centre on 1800 245 636.
Contributions
Contribution Splitting
The amended definition of spouse means that from 1 July 2008, same sex couples may now elect to split superannuation contributions.
Spouse Contributions
From 1 July 2009, a same-sex spouse who makes a spouse
contribution will be eligible to claim the spouse contributions offset tax.
Death Benefits
The new laws now recognise same sex partners and their
children as dependants for death benefit purposes. From 1 July 2008 a
surviving member of a same sex couple is now treated as a death benefit
dependant for the taxation of superannuation benefits. This qualifies them for
tax-free status on superannuation lump sum death benefits and anti-detriment
payments, where applicable.
Children of a same sex family will also qualify for
tax-free status on superannuation lump sum death benefits if they are under age
18 or otherwise qualify as a "financial dependant". They will also be able to
establish child death benefit pensions where one or more of the following are
met in relation to the child:
-
they are under age 18
-
they were financially dependent on the deceased and are at least age 18 and under 25
-
they have a qualifying disability.
Family Law
Effective, 1 July 2008, same sex couples may also now
access the provisions of the Family Law Act in relation to superannuation. The
Family Law Act allows superannuation interests to be divided between couples,
either by a formal agreement or by Family Court order.
Binding Death Benefit Nominations
As a result of the changes in definition of "spouse" and
"child", from 1 July 2008, same sex couples can nominate their spouses or
children as eligible beneficiaries for a binding death nomination without
having to rely on the interdependency or financial dependence rules to meet the
eligibility criteria.
|
