POWERED BY MOMENTUM MEDIA
Calls to allow WA de facto couples to split super
HESTA, the Western Australian community sector, and legal groups have called on the State Government to allow de facto couples to split their superannuation when their relationship ends by amending the Family Law Act.
The health and community services sector super fund said changing the act would end financial discrimination towards de facto couples and bring WA super policy in line with the rest of Australia.
HESTA chief executive, Debby Blakey, said de factor couples faced very different financial outcomes in the instance of a relationship breakdown than those who were married and that it was deeply unfair.
“The purpose of superannuation splitting laws is to allow super to be equitably divided between both parties when a relationship breaks down,” Blakey said.
“For many couples, super is likely to be their second biggest financial asset after their home, and accessing a fair property settlement shouldn’t be dependent on where you live in Australia.”
She noted that the inconsistency was likely to overwhelmingly disadvantage women and same sex couples.
“Women already retire, on average, with almost half the super of their male counterparts and are more vulnerable to poverty later in life. This financial discrimination further contributes to the gender super gap for WA women,” Blakey said.
While the Commonwealth Family Law Act was amended in 2008 to extend super splitting arrangements to de facto couples, WA remains outside the framework.
Blakey said the fund was in discussions with the State Government to widen its referral to the Commonwealth on all matters affecting super.
Recommended for you
IFM Investors has urged for government-industry collaboration to accelerate projects, unlock capital, and deliver long-term returns for Australians.
With super funds turning increasingly to private credit to lift returns, experts have cautioned that the high-yield asset class carries hidden risks that are often misunderstood.
The super fund has confirmed its chair Andrew Fraser plans to retire at its upcoming annual member meeting in November.
Australia’s superannuation sector is being held back by overlapping and outdated regulation, ASFA says, with compliance costs almost doubling in seven years – a drain on member returns and the economy alike.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
