The Government has committed to improving the visibility of superannuation assets in family law proceedings.
The Government has released exposure draft legislation and explanatory material that amends the Taxation Administration Act 1953 and the Family Law Act 1975 to facilitate the identification of superannuation assets by parties to family law proceedings, leveraging information held by the Australian Tax Office (ATO).
The exposure 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 information about the identity and value of their former partner’s superannuation assets from the ATO.
The exposure draft legislation will also authorise the ATO to disclose this superannuation information to court registry staff for the purpose of 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.
Submissions for this consultation are welcome at firstname.lastname@example.org.
You can submit responses to this consultation up until 28 June 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Tax and Compliance Unit
Retirement Income Policy Division
1 Langton Cres
Parkes ACT 2600