Divorce, Superannuation, and the Gender Divide

Divorce, Superannuation, and the Gender Divide

From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.

The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce proceedings to prevent the under-reporting of superannuation assets. While a spouse’s superannuation information can be obtained now through legal action, if it is not provided willingly, it is often expensive and time-consuming to obtain factual information through subpoenas or court orders.

From April 2022, when a couple has entered into divorce proceedings, if one of the parties believes the other is not being forthcoming about the value of assets held in superannuation, they can apply to a family law court registry to request their former partner’s superannuation information held by the ATO. They will then be able to seek up-to-date superannuation information from their former partner’s superannuation fund.

For more, Divorce, Superannuation, and the Gender Divide

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Stapled Super Funds – Everything You Need To Know

Stapled Super Funds – Everything You Need To Know

New rules for Stapled Superannuation Funds took effect on 1 November 2021.

In light of these changes, most employers will need to take an extra step to comply with the choice of fund rules if their new employees (who commence work on or after this date) do not choose a superannuation fund.

Click on this link, Stapled Super Funds – Everything You Need To Know to review the new rules and what employers must do as part of their employee onboarding process.

Inside this guide, find out:

  • What is superannuation stapling?
  • When to request stapled super funds?
  • How can super contributions be paid?
  • General Guidelines & Penalities
  • Additional ATO Resources

We are here to help

If you have any questions or need further assistance regarding stapled super funds, please be sure to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

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What happens to your superannuation when you die?

What happens to your superannuation when you die?

Do you ever wonder what happens to your superannuation when you die? In this article, we explore the way the trustees of your superannuation fund payout your superannuation to your eligible beneficiaries based on the fund’s rules, the superannuation law, and your death nomination.

For more – Superannuation and Death

Please contact us if you have any questions regarding superannuation and nominated beneficiaries or any of the issues raised by this article.

Feel free to call us on 02 9415 1511.

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Retirement Income Covenant Exempts SMSFs

Retirement Income Covenant Exempts SMSFs

The Federal government recently released draft legislation on the Retirement Income Covenant, which revealed it will not apply the covenant’s measures to SMSFs. It is intended that the Retirement Income Covenant will give retirees the confidence to spend their superannuation savings while enabling choice and competition in the retirement phase of superannuation.

The draft legislation would require superannuation trustees to develop a retirement income strategy that outlines how their members will be assisted in retirement. A trustee’s strategy should consider how they will assist members in balancing their retirement income, managing risks, and having flexible access to savings. However, the Federal government has made changes to the implementation of the new legislation, excluding SMSFs from its application.

Section 1.3 of the draft legislation now states that the “covenant does not apply to trustees of self-managed superannuation funds.”

To learn more, please see the full update here – Retirement Income Covenant Exempts SMSFs

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SMSF Residency Rules Relaxed

SMSF Residency Rules Relaxed

SMSFs will see residency requirements relaxed, with changes set to be seen in the central management and control test along with the active member test scrapped. Read More – SMSF Residency Rules Relaxed

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