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Federal government cracks down on criminals’ super
The Turnbull government is seeking public feedback on two draft proposals concerning access to superannuation for victims of crime.
According to Minister for Revenue and Financial Services, Kelly O’Dwyer, the first proposal is for a new claw-back mechanism for “out of character” superannuation contributions made by criminals to shield their assets from use in compensating victims of their crimes.
The second is to allow victims of serious, violent crimes to be able to access a perpetrator’s super as compensation, where other assets have been exhausted, subject to appropriate limits and thresholds, she said.
“For too long people who have perpetrated horrific crimes have been able to shield their superannuation assets from their victims,” O’Dwyer said.
“Criminals should not be able to protect their assets through superannuation in circumstances where a victim would otherwise be granted access to those assets.”
O’Dwyer said the government is particularly interested in feedback on the likely effectiveness of the proposals’ interaction with existing state and territory criminal and civil procedures.
“I have written to the appropriate ministers in each administration to encourage their engagement in this process and look forward to their strong support,” she said.
Treasury said stakeholders are invited to comment on the draft proposals by 15 June 2018, with the government looking to introduce legislation before the end of the year.
AUTHOR
Nicholas Grove
Nicholas Grove is a senior journalist with Money Management.
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