Super news for September 2022

Pensioners allowed to work more to boost labour market

The federal government has increased the amount that age and veteran pensioners can earn in a year and still receive a pension by $4,000, effective this financial year.

“Following the successful Jobs and Skills Summit in Canberra, an immediate $4,000 income credit will be added to the income banks of Age Pensioners from December to be used this financial year,” Prime Minister Anthony Albanese said in a statement.

The total amount pensioners can earn in a year before it impacts their pension, known as the Work Bonus, would be $11,800, instead of $7,800.

The measure is designed to boost the labour supply by reducing financial disincentives for pensioners who want to work more.

The $4,000 will be available until June next year, subject to legislation being passed.

Separating de facto couples in WA can now split super

De facto couples in Western Australia will now be covered by superannuation splitting laws, bringing the state in line with the rest of Australia.

“For too long outdated arrangements meant de facto partners in WA could not split their superannuation in the event of a separation,” WA attorney general, John Quigley, said.

“Instead, each partner walked away with their individual superannuation account balance – no matter how disproportionate they were – leaving women overwhelmingly disadvantaged.

“This often created severe injustices where there were not enough other assets to help make a fair division of property between the splitting de facto partners.”

There are currently 200,000 West Australians currently in de facto relationships.

Vanguard Super on track for 2022 launch