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Superannuation
This is a complex area of law and you should seek legal advice and obtain appropriate
valuation of superannuation interests, particularly if the superannuation relates to a
defined benefit fund such as a Commonwealth or State Public Service superannuation fund.
The courts can decide what is a fair distribution of superannuation in a property
settlement. In making their decision they consider all superannuation — not just
superannuation that accumulated during a marriage. If your former partner is the nominated
beneficiary of your superannuation entitlements you may want to contact your
superannuation fund and change the nomination.
Capital gains tax (CGT) applies on the transfer of some assets, but you may not have to pay it if you meet certain conditions. The CGT consequences may even affect decisions about who gets what. Therefore, you may want to get professional advice about the potential tax consequences before dividing up any assets, including superannuation.
There is information on the Tax Office’s website. To find out about superannuation, search under ‘superannuation and divorce’. For other assets, search under ‘marriage breakdown’.
