Project update
A technical discussion was held with the following clarification on some key issues:
- Where a superannuation interest is subject to a family law payment split, relevant values for both the member spouse and non-member spouse will need to be reported. The group discussed implementation challenges as funds may have new processes they will need to implement to accommodate this requirement.
- Reporting arrangements for interests with both defined benefit and accumulation components was discussed. Funds need to classify interests in line with the legislative definitions and their existing treatment for Divisions 291 and 293. The ATO will issue a Division 296 request for information to the fund for the interest/s the member holds in the fund.
- Following industry feedback, the proposed response period for requests for information has increased to 28 calendar days for all funds.
- The group will provide feedback out of session on valuation tables, regulation questions and answers and request-for-information specifications.
Change in the valuation of superannuation interests
Updated guidance on changes to the valuation of superannuation interests for total super balance purposes was reviewed, with feedback provided to support further refinement and incorporation into draft public advice and guidance products, which will be published by the end of 2026.