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.