The Morrison Government has earlier this week passed through Parliament legislation that will help improve visibility of superannuation assets particularly in self-managed super funds for parties in family law proceedings.
The bill called The Treasury Laws Amendment (2021 measure No 6) Bill 2021 will allow the Australian Taxation Office to release superannuation information held on its files to the other party in Family Court proceedings.
It is expected that this legislation will come into effect and be available from 1 April 2022. As a specialist family law practitioner working in Penrith, Hawkesbury, Richmond, Windsor, Glenmore Park, Sydney and Parramatta areas we are frequently seeing cases where there has been little or no disclosure in the area of superannuation. For some parties, superannuation is their most significant financial asset.
It is hoped that this new process which will involve after the amendments come into place, a simple application being made to the ATO who can then release the former partner’s superannuation fund information from their records directly to the court. It is hoped that this further disclosure and release of information will also reduce costs in attempting to obtain this information which traditionally has to be done through a subpoena to the party’s accountant or in some cases there have been major delays in getting this information.
If you need specialist family law advice or have any questions regarding superannuation, particularly those tied up in self-managed super funds, please contact us and make a confidential no obligation 10 minute appointment with one of our staff to discuss options.