In August 2021, passing of a new law saw hope for parties within Australian family law proceedings in terms of disclosing superannuation.
Want to know the latest news in Australian family law proceedings and what it all means? Read more from the Crest Lawyers team of Gold Coast family lawyers, to find out.
Outlining the new superannuation disclosure law in family law courts
In late August of 2021, a new law was passed through Parliament which will now allow the Australian Tax Office (ATO) to release superannuation information to a family law court.
Under these changes in the Treasury Laws Amendment (2021 Measure No. 6) Bill 2021, it will prove exceptionally harder for parties to both conceal or under-disclose their superannuation assets to their former partner within family law court proceedings.
How does it work?
- For information to be obtained, the applicant must be a party to a family law property proceeding, and then apply to a family law court registry to request their former partner’s superannuation information held by the ATO.
- From here, parties can seek up-to-date information about the superannuation fund.
- For further, tailored advice, and help to do the above, seek the specialist legal services of a trusted Gold Coast divorce lawyer or family lawyer.
How is this new law a significant step in the right direction?
Yes, this is a new law, but why is this important in the context of family law proceedings?
It’s momentous because this change will make it easier for victims and survivors of domestic abuse to recover their fair share of entitlements.
Women’s Legal Service Victoria CEO, Serina McDuff has hailed this new law as an essential step to improve the economic outcomes for victims and survivors of family violence, particularly those who have or are suffering financial abuse.
“So many women leave violent relationships with no assets, and this has an enormous impact on their ability to recover financially, as well as emotionally, from years of abuse…
We still have a long way to go to make sure vulnerable women are not left high and dry after leaving their partner, but this new law removes one important barrier to a fair asset split.”
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Accessing this information is envisaged to better support separated couples to divide their property on a just and equitable basis, alleviating financial hardship and negative impacts on future retirement incomes.
After all, superannuation is often the biggest, or even only asset, in a relationship. Crest Lawyers have a dedicated team Gold Coast divorce and family lawyers who use experience and compassion to deliver outcomes that are just and fair.
Looking for a professional and compassionate family lawyer on the Gold Coast? Contact Crest Lawyers today for family law services tailored around your personal circumstances that aim to bring about the best solution for you and your family.
Disclaimer: The content contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for legal advice.