The accuracy of the content is not guaranteed. Please rely only on the authorised document. ASFA – The Voice of Super has welcomed the introduction of the Family Law Legislation Amendment (Superannuation) Bill 2000, saying it provides certainty and fairness for separating couples, but has called for more clarification on the responsibilities and obligations of super fund trustees. The new Superannuation Bill allows couples to divide their superannuation on marriage breakdown in the same way as their other assets. ASFA spokesperson Ella de Rooy said, "In many households, superannuation is the second largest asset, after the family home. So this legislation is vital to deal with the division of super on divorce, which can often be a complex issue." "However, super fund trustees will have more onerous responsibilities as a result of this legislation, and clear guidelines are needed to help them understand and effectively administer the division of super in these cases." "This will need to be addressed in subsequent regulations. ASFA will be seeking to ensure that the process is manageable for trustees." said Ms de Rooy. The new legislation will have broad coverage across all types of superannuation, including public sector and self-managed super funds. The legislation will not apply to couples in de facto relationships, as the Commonwealth does not have power under the Constitution to legislate for these relationships.
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