Changes to superannuation visibility

If you are going through a separation or currently in court proceedings, you would be aware of the process of exchanging disclosure in financial proceedings. Unfortunately, and frustratingly, some parties do not provide proper disclosure in accordance with the Family Law legislation. This can be problematic when trying to negotiate a property settlement.

If parties are in proceedings, there are a couple of ways that the Court can deal with this, the Court can make an order that the other party fully comply with their disclosure obligations, or even make a costs order against a party who refuses to disclose sufficiently.

In 2018, the Federal Government announced that they would be funding an information sharing initiative between the Australian Taxation Office (‘ATO’) and the Federal Circuit and Family Court of Australia (‘FCFCOA’) which enables parties to proceedings to find out information about the other party’s superannuation.

This initiative came into effect in March 2022. Parties to proceedings, and / or their legal representatives, are now able make a request through the Commonwealth Courts Portal. This information is then provided by the Australian Taxation Office within (7) days and is made available to all parties to the proceedings.

It is important to note, the superannuation information provided may current by the time it is retrieved and provided to the parties. This can be supplemented by submitting a request to the relevant superannuation fund through completion of a Form 6 in the Superannuation Kit that is accessible on the FCFCOA’s website.

If you would like to know more about this initiative, or you would like advice in relation to how we can assist you with your family law matter, please contact us to make an appointment.

To chat with our experienced legal team, book a free discovery call today.