Welcome to the latest issue of the KHQ Super Alert. This week, AUSTRAC published the latest edition of its InBrief newsletter and the Parliament of Western Australia introduced legislation to implement the exercise of federal jurisdiction in respect of super splitting for de facto couples.
We hope everyone has an enjoyable and safe Easter break.
AUSTRAC – Latest newsletter released
On 11 April 2022, AUSTRAC published the latest edition of its InBrief newsletter. The main articles relevant to trustees are:
- New guidance on selecting an AML/CTF adviser
- New financial crime guide now available
Western Australia – Legislation introduced to implement Commonwealth super splitting for de facto couples
On 6 April 2022, the Family Court Amendment Bill 2022 (Bill) was introduced to the Parliament of Western Australia. According to the Explanatory Memorandum, the Bill ‘amends the Family Court Act 1997 (WA) to facilitate the exercise of federal jurisdiction in respect of superannuation interests of separating de facto couples in family law proceedings in Western Australia’.
The Explanatory Memorandum explains that the Family Court Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020 (Cth) inserted a new Part VIIIC in the Family Law Act 1975 (Cth) which deals exclusively with separating de facto couples in WA. The result of that change and this Bill is that the Family Court of Western Australia will now have ‘federal jurisdiction to deal with the superannuation interests of separating de facto couples’.
Click here for details.