Financial Planning for Same Sex Gay & Lesbian Couples in Australia
Financial Planning for Same Sex Gay & Lesbian Couples in Australia
Same Sex Gay & Lesbian Financial Planning in Australia
Same sex couples in Australia have long fought for the removal of discrimination. Following a report by the Australian Human Rights Commission into same sex relationships, the Australian Government introduced a number of reforms aimed at removing financial discrimination across a range of financial planning areas including social security, taxation, Medicare, veteran's affairs, worker's compensation, educational assistance, superannuation, family law and child support. The Same Sex Reforms, announced in 2008, saw the amendment of 84 Australian Commonwealth laws with most coming into effect on the 1st July 2009.
Some of the main changes to Financial Planning matters for Same Sex Gay and Lesbian couples after the Same Sex Reforms:
Superannuation: Same sex partners and their children are now recognised as dependants on superannuation death benefits. Where a partner dies, the surviving member of the couple may now be treated as a death benefit dependant for the taxation of superannation benefits.
Taxation: Same sex couples are now eligible to access the same tax concessions that are available to married and other de facto couples.
Child Support: Changes to the Child Support Acts now recognise parentage for same-sex couples. Where gay and lesbian couples with children separate, they will be eligible to apply for child support.
Social Security & Family Assistance: Members of same sex couples and their children are now recognised for Centrelink and Family Assistance purposes.
Veterans Affairs: Assistance to members of the Defence Force to acquire homes. Members of same sex de facto relationship are recognised for pensions including war widow's pensions.
Citizenship: Same sex partners of Australian citizens are now able to count a period of time spent outside Australia as a period of time spent inside Australia for the purposes of meeting citizenship requirements by conferral. Children of same sex couples are now also recognised in eligible circumstances.
Financial Planning for Gay & Lesbian De Facto Couples in Australia
Now that same sex relationships are treated equally to de facto heterosexual relationships in Australian law, it's important that you and your partner ensure you're making the most of these new rights and privileges. A professional financial planner can help take the guesswork out of the Same Sex Reforms and how the affect you and your partner's financial situation. For more information on financial planning for same sex couples, download our Financial Planning for Same Sex Couples Ebook.