Replaces the Family law (superannuation) (methods and factors for valuing particular superannuation interests) approval 2003; sets out methods and factors approved by AST AG for determining gross value of interests in particular superannuation plans.
Instrument commences Apr. 1, 2025, coinciding with commencement of 2025 regs.
On Mar. 14, AST AG proposed to remake sunsetting super rules.
AST AG opened consultation on draft Family law (superannuation) regulations 2024.
Background
The Family law (superannuation) regulations 2001 are due to sunset on Apr. 1, 2025 and are being reviewed by AST AG with a view to remaking them prior to their sunset.
The superannuation splitting framework under the proposed regulations remains largely unchanged but drafting changes to modernize language/ ensure effectiveness is needed.
Proposed Regulations
Several amendments are proposed to clarify provisions and ensure superannuation splitting arrangements adapt to developments in superannuation products and policy.
Clarify critical superannuation-related terms; identify conditions under which payments can or cannot be split between spouses following relationship breakdown.
Sets rules for creating new interests or transferring amounts to satisfy entitlements of non-member spouses; discusses agreements for dividing superannuation interests.
Provide guidelines for determining value of superannuation interest at relevant dates.
Explain adjustments, calculations for payments to non-member spouses; details fees trustees may charge, information they must provide about superannuation interests.
Describes how the regulations transition from previous superannuation regulations.
Effectiveness
The consultation is open for comments from interested stakeholders until Apr. 26, 2024.
Jun. 2024 Responses Published
On Jun. 25, 2024, AST AG said it received 10 responses, and published 8 with consent.
The submissions were broadly supportive of the proposals; the responses included helpful, technical suggestions to support improvements to the final regulations.
The responses also provided useful insights based on stakeholder experiences of interactions with the existing family law superannuation splitting framework.
Feedback will inform AST AG's advice to government on improvements to the final regs.
According to its explanatory statement, feedback from the above consultation was supportive, and technical suggestions have been addressed in the 2025 regulations.
Replaces the Family law (superannuation) (methods and factors for valuing particular superannuation interests) approval 2003; sets out methods and factors approved by AST AG for determining gross value of interests in particular superannuation plans.
Instrument commences Apr. 1, 2025, coinciding with commencement of 2025 regs.
Regulators
AST AG; AST GVT
Entity Types
CNSM; Pension
Reference
RF F2025L00281, 3/5/2025; RF F2025L00178, F2025L00179, 2/24/2025; PR, Rsp, 6/25/2024; CP 3/14/2024; Rpl, Family law (superannuation) regulations 2001; Citation: Family law (superannuation) regulations 2025; Family and other laws (superannuation) (repeal and consequential amendments) regulations 2025;
