25 September 2023

Tax Office gives evidence to Family Court

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The Australian Taxation Office (ATO) is to develop a new information-sharing system with the Family Court of Australia to ensure separating women receive a better deal accessing superannuation assets.

Minister for Women, Kelly O’Dwyer said the $3.3 million Women’s Economic Security Package would ensure the Court had better visibility of parties’ superannuation assets when making property orders.

“Separating couples will have access to faster and fairer family law property settlements as a result of this new system which will make it easier to identify lost or undisclosed superannuation assets,” Ms O’Dwyer said.

“Improving the visibility of superannuation assets in family law proceedings is particularly important for Australian women.”

Attorney-General, Christian Porter said that at present, getting full visibility of superannuation assets in family law matters could 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.

“This new system will ensure faster and fairer resolutions of family law property disputes,” Mr Porter said.

Assistant Treasurer, Stuart Robert said superannuation was often the most significant asset in a separated couple’s property pool, particularly for low-income households with few assets.

Ms O’Dwyer said parties to family law proceedings were legally required to disclose all of their assets to the court, including superannuation.

“However, in practice, parties may forget, or deliberately withhold, information about their superannuation assets,” she said.

“The non-disclosure of superannuation assets can often disproportionately disadvantage women due to a significant disparity in superannuation savings between men and women.

“A lack of financial disclosure by a former partner can result in women receiving a smaller share of property than they would otherwise be entitled to.”

She said the electronic information-sharing system would begin on 1 July 2020.

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