Both married couples and, in most Australian States and Territories, defacto couples (including same sex couples) who separate are able to divide superannuation entitlements as part of the overall property settlement. This regime has had significant impact on the Australian superannuation industry.
For information about the Family Law Superannuation Kit, please see:
- what is the Family Law Superannuation Kit?
- how do you use the Kit?
- what are the benefits of the Kit?
- how much does the Kit cost?
- for more information or to contact us about the Kit
- The Family Law Superannuation Kit, distributed on CD-ROM, has been designed to help Australian superannuation trustees and administrators implement the superannuation provisions of the family law legislation.
The Kit has been purchased by many of Australia's top financial institutions and is recognised for its quality and value.
What is the Family Law Superannuation Kit?
Developed by Minter Ellison's specialist team of superannuation practitioners, the Kit helps you through the maze of legislation and regulations by integrating the superannuation provisions of the Family Law Act 1975 with the Family Law (Superannuation) Regulations 2001 and the Superannuation Industry (Supervision) Regulations 1994. Each section of the legislation also includes helpful links to the Explanatory Memorandum.
In addition to the integrated legislation, the Kit has four modules relating to:
- applications for information
- payment flagging
- payment splitting
- other issues trustees need to consider.
How do you use the Kit?
Each module has:
- a fact sheet
- standard letters
- instruction sheets.
Checklists and standard letters are linked to the relevant section of the legislation.
Fact sheets provide an overview of the topic. Some organisations have used our fact sheets as the basis of 'Q&A' sheets for staff training.
Variable information to be included in a letter is identified in italics.
Because certain sections of some standard letters will differ depending on the circumstances, we have drafted variable paragraphs for various scenarios - you just pick the paragraph that applies (as identified in the instructions).
Our checklists will help trustees deal with the various documents they receive. The checklists have various procedures built in. So, for example, if you receive a document that does not meet the statutory requirements, the checklist directs you to the standard letter that should be sent in response.
Each checklist and standard letter is accompanied by an instruction sheet to assist you complete the document.
For example, the instruction sheet for each standard letter generally contains information about when to use the letter and a 'things to note' section to deal with any common questions that may arise.
What are the benefits of the Kit?
Trustees who do not comply with the legislation face significant penalties. The Kit:
- allows you to cost effectively comply with this complex legislation
- has simple, easy-to-use tools that can be used to educate staff about the new requirements and help your organisation implement a strong compliance system
- is an integrated reference guide to the new legislation.
How much does the Kit cost?
The standard licence fee is $5,500 (excluding GST) for new clients or $2750 (excluding GST) for clients who have purchased a previous version. Administrators pay a fee based on the number of funds they administer.
To order a copy of our Family Law Superannuation Kit, please complete our Family Law Superannuation Kit request form.
Details of the fees and the licence are outlined on the Family Law Superannuation Kit request form.
For further information please contact Maged Girgis.