Family Law (Superannuation) (Provision of Information - Victorian Racing Industry Superannuation Fund) Determination 2004

Overview

The Family Law (Superannuation) (Provision of Information — Victorian Racing Industry Superannuation Fund) Determination 2004, enacted on 10 January 2004 by the Australian Attorney-General Philip Maxwell Ruddock, addresses the specific information requirements for superannuation interests held in the Victorian Racing Industry Superannuation Fund under the Family Law (Superannuation) Regulations 2001. This legislative instrument provides tailored provisions for the information that must be disclosed by the trustees of this particular fund, aiming to ensure that the unique characteristics and operational methods of the fund are appropriately considered in family law matters. The Determination was made under subregulation 64(7) of the Family Law (Superannuation) Regulations 2001, with the overarching objective of aligning superannuation information disclosure with the specific needs of the fund and its members.

Scope and Application

The Family Law (Superannuation) (Provision of Information — Victorian Racing Industry Superannuation Fund) Determination 2004 applies specifically to superannuation interests within the Victorian Racing Industry Superannuation Fund, for which methods and factors for valuation have been approved under Part 110 of Schedule 10 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003. This Determination exempts the trustees of the fund from certain information-provision requirements under the Family Law (Superannuation) Regulations 2001, specifically concerning paragraphs 64(4)(a) and (d) to (i), while mandating the provision of information as defined by factor AB in relation to the approved methods and factors for the fund. The Determination is applicable nationally as it is a legislative instrument made under the authority of the Commonwealth of Australia, thereby extending its reach across all states and territories within Australia.

Key Provisions

The Family Law (Superannuation) (Provision of Information — Victorian Racing Industry Superannuation Fund) Determination 2004 (the Determination) outlines the specific information requirements for superannuation interests in the Victorian Racing Industry Superannuation Fund, as per section 5. It specifies what information the trustee of the Fund must provide under certain circumstances, as mentioned in section 4. According to the Determination, the trustee is not required to provide certain information under paragraphs 64(4)(a) and (d) to (i) of the Family Law (Superannuation) Regulations 2001, but must provide the information defined by the factor AB, as mentioned in section 5(1) and (2). The Determination imposes specific obligations on the trustee of the Victorian Racing Industry Superannuation Fund. Under section 5, the trustee must provide the information defined by the factor AB when requested, as per paragraphs 64(7)(a) and (b) of the Regulations. The trustee is exempt from providing other specified information under paragraphs 64(4)(a) and (d) to (i) of the Regulations, as per the same section. This requirement applies to superannuation interests as defined in items 1 and 2 of the table in clause 2 of Part 110 of Schedule 10 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003. The Determination does not explicitly state any offences, penalties, or civil/criminal consequences for non-compliance with its provisions. However, any breach of the Family Law (Superannuation) Regulations 2001, which the Determination references, may result in penalties under those Regulations. For example, section 287 of the Family Law Act 1975 provides for penalties for breaches of the Act and Regulations, which could include fines or imprisonment. Therefore, while the Determination itself does not specify penalties, non-compliance with the Regulations it references could lead to the consequences outlined in those regulations.