Parliament has passed legislation which is designed to improve fairness around superannuation in property settlements.
The legislation allows for one partner to apply to the court to request information about their ex-partner’s superannuation from the ATO. This will improve visibility around all assets owned in a relationship and will allow the court to divide a couple’s assets more equitably.
Often, superannuation is one of the largest assets owned within a couple. The aim is to ensure that all assets, including all superannuation accounts, are considered when a couple’s assets are being divided as a result of divorce or permanent separation.
This information sharing service is scheduled to begin on 1 April 2022.