Government going to review early access to superannuation

The Government will soon start a review of early access to superannuation, and when superannuation can be kept from victims of crime.

Minister for Revenue and Financial Services, Kelly O’Dwyer, was recently asked on ABC radio about victims of serious crimes having access to the superannuation of perpetrators.

“We have a system at the moment that doesn’t allow access to someone’s superannuation assets under the existing law but I’m about to embark upon a review process as to how people can in fact access superannuation early and separately to that, whether people who are victims of crime, whether they ought to be able to access someone’s superannuation.” said Minister O’Dwyer.

The review, according to the Minister, will look into which circumstances superannuation should remain protected.

“We already know that in certain circumstances where there are bankruptcies, where there are divorce proceedings, somebody can’t deny access to their superannuation and the Commonwealth is very open to changing the law in this regard so we will go out for comment.”

Minister O’Dwyer said the Government would conduct a consultation process and look to make changes “early in the new year”.

Pressed in particular about the victims of serious crimes, O’Dwyer said: “ I don’t see why someone should be able to protect their assets through superannuation in circumstances where a victim would otherwise be granted access to those assets.”

“I myself am very sympathetic to a change, which is why I’m actually embarking upon this review and there will be a very clear end point to this. I’m keen for feedback but we’re also keen to get on with it and we’ll be doing that in the first half of next year.”

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