POWERED BY MOMENTUM MEDIA
Support urged for domestic violence victims denied super
The Federal Government has been called upon to deliver on a scheme which would prevent perpetrators of domestic violence from hiding super assets from victims in court.
The scheme was first announced in November 2018 as part of the Women’s Economic Security Statement and was due to be implemented this month but had not been delivered yet.
Now, Women’s Legal Service Victoria and super industry representatives were calling on the Government to implement it as soon as possible to allow victims to gain their share of superannuation assets after separation.
Tania Clarke, manager of policy and campaigns at Women’s Legal Service Victoria, said: “Many of our clients have been in abusive relationships and their partners are hiding their superannuation assets and getting away with it because family law judgements can only be made on visible assets. This is a real issue because superannuation is often the biggest – or only – asset of these relationships.
“The Government’s scheme would have bypassed violent perpetrators and allowed the family courts to get superannuation information directly from the ATO, saving a lot of time, money and heartache.”
The comments were supported by Australian Institute of Superannuation Trustees (AIST) chief executive Eva Scheerlinck who said visibility of assets in profit-to-member super funds needed an overhaul.
“The current process of uncovering non-disclosed super in a family law dispute needs an overhaul. In many cases, enquiries need to be made to a multitude of funds leading to many women simply giving up the search.
“Allowing the courts to access ATO data is a simple measure that will make the process far more efficient, fair and cost-effective both for the individuals concerned and the super industry.”
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.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
