The Federal Government has released exposure draft legislation to facilitate the identification of superannuation assets by parties to family law proceedings, leveraging information held by the Australian Tax Office (ATO).
In a joint statement between the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, and Minister for Industrial Relations, Senator Hon Michaelia Cash, said this exposure draft legislation supported the Government’s commitment to improve the visibility of superannuation assets in family law proceedings.
“The draft legislation provides for a party to family law property proceedings in the Family Court of Australia, Federal Circuit Court of Australia and Family Court of Western Australia to apply to the court to request their former partner’s superannuation information from the ATO,” they said.
“The bill will also authorise the ATO to disclose superannuation information to court registry staff for the purpose of use by the parties for relevant family law proceedings.
“Once commenced, the new information-sharing process will make it harder for parties to hide or under-disclose their superannuation assets in family law proceedings, and will reduce the time, cost and complexity for parties seeking accurate superannuation information.”
The draft legislation and supporting materials were available via the Treasury website where stakeholders were encouraged to provide feedback.
Consultation would close on 28 June, 2021.
