Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Amendment Determination 2004 (No. 1)

Overview

The Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Amendment Determination 2004 (No. 1) was enacted to address gaps in the provision of information related to superannuation schemes within the context of family law matters. This Determination was made under subregulation 64(7) of the Family Law (Superannuation) Regulations 2001 by the Attorney-General, Philip Maxwell Ruddock. The primary objective of this legislation is to amend the Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Determination 2004 to ensure that specific information about superannuation interests and factors is properly disclosed. This Determination came into effect on the same date as the commencement of Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004, ensuring alignment and coherence in the legal framework addressing family law and superannuation matters.

Scope and Application

The Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Amendment Determination 2004 (No. 1) applies to the provisions governing the provision of information about Commonwealth superannuation interests under the Family Law (Superannuation) Regulations 2001. Specifically, it amends the Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Determination 2004 by adding a new item to the table in section 5, which now includes details on interests mentioned in item 10 of the CSS table. The new item requires the provision of specific information as outlined in paragraphs 64(4)(a) to (i) of the Regulations and definitions of certain factors in item 10 of the CSS table, including FLS and UFLS. This Determination operates within the Commonwealth jurisdiction and affects entities and individuals involved in family law proceedings that pertain to superannuation interests. There are no stated exclusions or thresholds within the text, and its application may be further extended or restricted through subordinate instruments.

Key Provisions

The Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Amendment Determination 2004 (No. 1) amends the Family Law (Superannuation) (Provision of Information — Commonwealth Superannuation Scheme) Determination 2004, introducing new provisions for the provision of information concerning Commonwealth superannuation schemes in family law matters. Specifically, it amends Section 5 of the Determination by inserting a new item (item 9) into the table (paragraph 1). This new item requires the provision of certain information regarding an interest mentioned in item 10 of the CSS table. The information required includes details such as the member's name, member number, account balance, and other relevant factors defined in the regulations. The obligations imposed by this Amendment Determination include the requirement for relevant entities, such as Commonwealth superannuation funds, to provide detailed information about superannuation interests in family law proceedings. This includes both financial details and specific factors as defined in the regulations, such as Family Law Superannuation (FLS) and Unallocated Family Law Superannuation (UFLS). These entities must ensure that they comply with the new requirements by providing the specified information accurately and within the stipulated timelines to facilitate fair and informed decision-making in family law matters. Failure to comply with the obligations set out in the Determination can result in significant consequences. While specific penalties are not detailed in the text provided, under the broader Family Law Act 1975, breaches of obligations related to the provision of information can lead to civil penalties. The maximum penalties can include fines and, in some cases, imprisonment. Additionally, non-compliance can also result in adverse findings in family law proceedings, potentially affecting the outcomes for the parties involved. It is crucial for entities governed by this Determination to adhere to the new requirements to avoid these potential repercussions.