Information now available about your ex-partners’ superannuation
It is time-consuming and costly to obtain information about a former partner’s superannuation interests, in circumstances where the name of their superannuation fund/s are unknown or there has been a change to a superannuation fund/s to avoid a request for details.
The Federal government has now made an amendment to the Family Law Act 1975 (and corresponding amendments to the Taxation Administration Act 1953) so that from 1 April 2022, a request can be made for details of all the superannuation interests of a former partner. To make this request it is necessary to be a person involved in property proceedings being heard in the Federal Circuit and Family Court of Australia. The request is made to the Court Registry who will then request the ATO release the superannuation information held.
This amendment will mean parties are unable to hide or under-disclose their superannuation interests in Court proceedings, reducing costs, time and complexity. The superannuation information the ATO provide will enable a just and fair result in property proceedings where superannuation is an asset.
These changes will alleviate financial hardship and negative impacts on retirement savings experienced after separation, particularly by a woman.
If you would like to discuss the topic of superannuation in regards to a family law matter then please call us on 0395960222 and speak to one of our family law specialist.
Author: Emily Gendall, Lawyer
Link below to full article on this law change in The Age, published on 22nd February 2022.
