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Legal change makes it harder for partners to hide super
Parties to family law proceeding can now apply to family law courts for information about their partners’ superannuation under changes to the law.
This information was held by the Australian Taxation Office (ATO) and the organisation had been working to ensure appropriate integrity measures were in place for the information to be shared securely.
This move would enable parties to use up-to-date information on their partners’ superannuation fund and made it harder for parties to hide or under-disclose their assets.
This followed the passing of legislation in Treasury Laws Amendment (2021 Measure No. 6) Bill 2021 (Schedule 5) last September to allow the ATO to release superannuation information on request.
Senator Jane Hume, minister for superannuation, financial services and the digital economy, said: “Superannuation is an increasingly significant asset in a separated couple’s asset pool and improving accessibility to superannuation information will better support separated couples to divide their property on a just and equitable basis.
“This will help alleviate the disproportionate financial hardship and negative impact on retirement incomes that women can experience after separation.
“This important reform will reduce the time, cost and complexity for parties seeking information about their former partner’s superannuation.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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