Super splitting laws have sailed through the Parliament, making it easier for parties in family court matter to identify and split their superannuation savings.
Once the provisions are in operation, likely from 1 April next year, a party to the family law proceedings will be able to obtain details of the super assets of another party from the Australian Taxation Office (ATO), but only through the Family Court Registrar.
According to the explanatory memorandum, the documents that can be sought include the identity and value of each super fund held by the person who is the subject matter of the enquiry, any account in their name containing small amounts of ATO-held superannuation as well as any amount of unclaimed super.
Once these details are provided, the requesting party will be in a position to contact the relevant super providers for more details and up-to-date balance information.
Commenting on the legislation’s passage, the Minister for Superannuation, Jane Hume, said these amendments will make it harder for parties to hide or under-disclose their superannuation assets in family law property proceedings, and will reduce the time, cost and complexity for parties seeking information about their former partner’s superannuation.
“Access to this information will better support separated couples to divide their property on a just and equitable basis. This will help alleviate the financial hardship and negative impact on retirement incomes that women in particular can experience after separation,” Ms Hume said in a joint statement with Attorney-General, Michaelia Cash.
Industry Super Australia went a step further, calling the new super splitting laws a “big win” for survivors of family violence.
“For far too long, women have found it too hard to get a fair share of financial assets like super when a relationship ends, so this is a positive development,” said ISA advocacy director Georgia Brumby.
“This will go a little way to helping women recover some of the savings they sacrifice by taking time out of the workforce to raise a family, and now the government needs to end the hidden super sting of not paying super on its parental leave scheme.”
The new information disclosure provisions will apply to family law property proceedings which are on foot on 1 April 2022, or which are commenced after that date.
The ATO is now said to be working with the family law courts to build a secure channel, which is expected to facilitate requests for, and disclosures of, superannuation information for the purpose of permitted family law proceedings.
Well done.
What on earth has this to do with “domestic violence”. The Industry Super representative is clearly an activist.