SEPTEMBER/OCTOBER 2009

Social Security Income Test changes from 20 September 2009

The single maximum rate of pension has increased by $60 per fortnight (pf).
Additional payments such as the GST supplement, telephone, utilities, pharmaceutical and rent allowances have been aggregated into one payment called the pension supplement and combined with the basic rate of pension.
This supplement and the basic rate of pension are means tested and both were increased in line with indexation on 20 September 2009.
The income test taper rate has increased from 40% to 50%.

De Facto Relationships and the Family Law Act

The Family Law Amendment (De Facto Financial Matters and other Measures) Act 2008 recently took effect, extending the financial settlement regime under the Family Law Act 1975 (FLA) to those in certain de facto relationships. This means that binding financial agreements, superannuation agreements and court-ordered property settlements may all be available to de facto couples, including same sex couples, in much the same way as is already available to couples in a marriage.

Capital gains tax rollover relief

For a separated de facto couple wishing to transfer ownership of assets in order to achieve a clean break in their financial affairs, capital gains tax (CGT) rollover relief is available for assets disposed of to a former de facto spouse in certain circumstances.

For further information on the above please contact us

Source: First tech, Colonial First State

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