From 1 April 2022, an amendment to the Taxation Act 1953 was made providing better visibility in family law proceedings in respect of Superannuation Assets, by opening the doors to Australian Taxation Office data matching.
The Superannuation Splitting Legislation came into effect in 2009. This drastically changed the Property law landscape, and paved the way for more equitable outcomes for both breadwinners, and homemakers alike.
Superannuation splitting in family law is now a common outcome, both in negotiated and Court Ordered settlements, including the split of Defined Benefit Superannuation, Self-Managed Superannuation Funds (SMSF) and Accumulation funds (such as Industry Super Funds).
Superannuation splitting is only available however, when the parties and the Court are aware of where the Superannuation interest is held and the value of that Superannuation interest.
So what happens if a party refuses to disclose information about their Superannuation?
If you know the name of the Superannuation fund but need information about the value of the interest, you can complete a Form 6 Superannuation Information form. This will provide information and some instances a valuation of the Superannuation interest.
This form will not assist if the Superannuation has been moved to another fund, or if no details are known about the fund. This is where the new amendment comes in.
How the new legislation helps with Superannuation Splitting
From 1 April 2022, litigants in Family Law proceedings, can now make a request to the Court for Superannuation information. The request, if granted, will be matched with Australian Taxation Office data. This information can then be used to protect the Superannuation and to form the evidentiary basis of a Superannuation split.
If you require further information about this new process, please call 02 4929 4499 or make a booking with one of our experienced Family Lawyers, and you could be one step closer to the Superannuation split you are entitled to. Headed by our Senior Lawyer Kasey Stewart, an Accredited Specialist in Family Law, you can trust our family law team to help you achieve the best results possible, for you and your children.
