Announcement date
24 February 2025
Link to announcement
Family Law (Superannuation) Regulations 2025
Problem being addressed
The Family Law (Superannuation) Regulations 2001 (FLS Regulations) are due to sunset on 1 April 2025. The FLS Regulations are integral to the operation of superannuation splitting in family law, including the operation of relevant subordinate instruments. The FLS Regulations support the operation of Parts VIIB and VIIC of the Family Law Act 1975 (Cth) by enabling trustees to share information about superannuation interests, prescribing the methods (actuarial formulas) and valuation factors (based on different mortality rates, economic conditions, ages of retirement) for valuing superannuation interests, and giving practical effect to superannuation splitting agreements and orders.
Proposal
The Attorney-General's Department has remade the Family Law (Superannuation) Regulations 2001 (as the Family Law (Superannuation) Regulations 2025) without significant amendments. The remade regulations commence on 1 April 2025 and include technical amendments to the valuation factors to reflect updated actuarial assumptions, and to enable accurate valuation of a broader range of superannuation interests and benefits (including innovative retirement income stream products).
Assessed Impact Analysis outcome
Sunsetting instrument
Assessment comments
Consistent with the Government's Policy Impact Analysis requirements for sunsetting instruments, the Attorney-General's Department has certified that the FLS Regulations are operating effectively and efficiently. Therefore, an Impact Analysis is not required for the remaking of the regulations.
Regulatory burden
The Attorney-General's Department estimates an increase in the average annual regulatory costs to businesses (specifically, to superannuation trustees) of $1.087 million.