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.”