Gov to improve courts’ visibility of super assets
A new information-sharing initiative announced as part of the Morrison Government’s Women’s Economic Security Package will improve the Family Court’s visibility of the superannuation assets of parties to matters it hears, in an attempt to improve the speed and fairness of family law property settlements.
The Australian Taxation Office (ATO) would get $3.3 million under the initiative to develop an electronic system to create this enhanced visibility.
“Getting full visibility of superannuation assets in family law matters can be complex, time‑consuming and costly, often requiring parties to go on ‘fishing expeditions’ using subpoenas and other formal court processes, with no guarantee of success,” Attorney-General Christian Porter said when announcing the funding.
“This new system will ensure faster and fairer resolutions of family law property disputes.”
A recent study by the Women’s Legal Service Victoria backed this up, finding that two-thirds of clients surveyed suffered delays in resolving family law issues because a former partner failed to make the necessary financial disclosures.
Minister for Women, Kelly O’Dwyer, also pointed out that the gap between the median superannuation balance of men and women nearing retirement age was 42 per cent.
The electronic information-sharing system would commence on 1 July, 2020.
AUTHOR
Hannah Wootton
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
