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Hostplus welcomes new legislation to increase transparency of super assets during family law proceedings

Hostplus has welcomed new legislation that will allow courts to identify and clarify the superannuation assets and information of parties to family law proceedings. This will pave the way for a more equitable outcome when distributing the assets of separating couples.

The new law will assist in addressing the hiding or underreporting of superannuation in such proceedings which has, until now, led to women especially being unable to claim a just and equitable share of partnership assets they are entitled to. Pleasingly, people in family law proceedings will now be able to apply through the courts to seek information on their former partner’s super from the Australian Tax Office (ATO).

Hostplus CEO, David Elia said that the new law was an important step in ensuring greater equity and fairness in terms of securing better financial outcomes for Australians.

“We welcome this important law which will help increase financial transparency in family law matters and help women receive the super they are entitled to. The majority of our Fund’s members are women and many work casually, part-time or in lower-paid jobs, or have had career breaks to have and raise families. All of this can contribute to unequal retirement outcomes for them that can often result after a separation, and which these reforms seek to address. 

“The well-documented gender savings gap sees women retire with almost 50% less savings than men, and this legislation is a step in the right direction in addressing that gap.”

This website is issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Superannuation Fund (the Fund) ABN 68 657 495 890, MySuper No 68657495890198. Hostplus Self-Managed Invest (SMI) is issued by Host-Plus Pty Limited ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Pooled Superannuation Trust (PST) ABN 13 140 019 340. It contains general advice only and does not take into account your personal objectives, financial situation or needs. You should consider if this information is appropriate for you in light of your circumstances before acting on it. Please read the relevant Hostplus Product Disclosure Statement (PDS) or Hostplus SMI PDS before making a decision about Hostplus. For a description of the target market, please read the Target Market Determination (TMD), available at hostplus.com.au. You can view detailed disclaimers here. Hostplus has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of personal financial advice to members of Hostplus. Advice is provided by financial planners who are Authorised Representatives of IFS. Fees may apply for Comprehensive Financial Advice, further information about the cost of comprehensive advice is set out in the relevant IFS Financial Services Guide, a copy of which is available from your financial planner. Hostplus has engaged Link Advice Pty Ltd ABN 36 105 811 836, ASFL 258145 to facilitate the provision of limited personal financial advice to members of Hostplus via the web-based product Super Adviser.