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Checklist for Practitioners
More information on these topics can be found at our list of Frequently Asked Questions on Valuing Superannuation.
What form of superannuation?
- the vast majority of your clients who are employed would have a superannuation interest
- the type of superannuation interest is relevant for valuation purposes and practitioners should categorize the interest into growth, payment and be aware of the scheme characteristics
What forms are required to obtain information from Trustees?
- a superannuation scheme may have its own Form 6 Declaration and Application form
- most Trustees require a fee to be paid when lodging the form
- three documents should be prepared being an application for information, Form 6 declaration and authority to provide the information to the practioner.
Reasonableness check
- a reasonableness check on information supplied by Trustees is recommended.
- the check process should be documented as it has a vital bearing on the accuracy of the valuation.
What dates
- the current date is generally required for property settlement purposes
- date of marriage and date of separation may also be relevant when it is relevant to assess change in value over a period of cohabitation.
- A specific date may be required for a court order or an agreement.
Documentation of the valuation process
- ensure that the standard of documentation is fit for purpose which is to anchor each step of the valuation process to relevant legislation
- the outcome should be transparent and explainable
The above provides a brief summary of Family Law legislation as it applies to superannuation. It is not intended and should not be relied upon as advice. You should always seek professional advice for your specific circumstances.
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