Superannuation is in the Family Law spotlight with the announcement of a new information-sharing proposal involving the Australian Tax Office (ATO).
New Federal Government legislation, if passed, will allow a party to Family Court proceedings to apply to the Court for access to ATO information about a former partner's superannuation interests. It would authorise the ATO to disclose superannuation information to Court Registry staff.
The new information-sharing process is designed to make it harder for parties to hide or under-disclose their superannuation assets in Family Law proceedings. It is hoped that it will also reduce the time, cost and complexity for parties seeking accurate superannuation information.
The Government is inviting feedback on the draft legislation which is available on the Federal Treasury website at: https://treasury.gov.au/consultation/c2021-177055
If you are considering a Family Law property settlement involving superannuation, please contact the Family Law team at Swaab to discuss your legal rights and responsibilities.
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