The stories are always similar. Your friends mother, who’s either elderly, or doesn’t speak English as her first language, get’s a call around 7pm. The caller advises they are from the Australian Tax Office (ATO), and that she owes a large amount of tax debt.

They are very demanding and hostile. They say they will call the police if she doesn’t pay her debts now. She is worried – she doesn’t want to go prison. She asks how she can pay her debts back. They advise her she can pay it off using gift cards. She drives to the nearest supermarket and purchases several gift cards – JB Hi-Fi, Google Play, even cards for Woolworths and Coles, amounting to the $4000 she owed.

She then receives text messages – The ATO wants photos of the gift cards, showing the validity codes. She sends them and thinks it’s finally over.

The next day they call her again – They request more money, and more cards. She realizes she is being scammed.

It’s probably happened to someone you know. They contact you or someone you love via email, or phone or mail demanding money, and threaten you if you do not meet their request. When the demands are met, the consequences are devastating.

Types of Tax Scams

Now that tax time is here, criminals may attempt to access individuals’ and businesses’ money and information. It’s so prevalent during tax time, in fact, that in 2021, the ATO received over 50,000 reports of scams, with $800,000 reportedly lost!

Here are three main types of scams that involve criminals impersonating the ATO.

Tax refund scams

Scammers contact you, usually via text, or e-mail, claiming that you’re owed a tax refund. They require you to click a link that takes you to a website that mirrors MyGov or the ATO. From here, you are advised to input your personal details, and then pay a processing fee to release your funds.

The scammer uses this information to siphon funds from the bank account and personal information provided on the fake page. They further use your ‘processing fee’ as a bargain point to either harass you to pay any more ‘hidden fees.’ They also threaten you against calling the police by arguing the processing fee was consensual upon you realizing this was a scam.

In worst case scenarios, the scammer will use your personal information for identity theft.

Tax owed scams

These scammers contact you pretending to be the ATO and claim that you have a tax debt. They then demand that you pay the debt immediately to avoid being arrested. They may ask you to pay by credit card, money transfer, or ask you to pay it back using gift cards.

These scammers are often demanding and very hostile. While the ATO does from time-to-time contact people who are owing debt, they will never –

• Call you with a pre-recorded message
• Threaten you with immediate arrest or use profanity
• Demand payment through gift cards or to personal bank accounts
• Insist you stay on the line until a payment is made

• Call with Caller ID.

It can sometimes be useful to familiarize yourself with what a fake call from the ATO will sounds like. You will find many recordings of them on YouTube, such as this one from 2018.

Tax File Number (TFN) and Australian Business Number (ABN) scams

These scams are often found on social media, promising to set up a TFN and ABN for a fee.  Instead, they steal your money and personal information.

Applying for a TFN or setting up an ABN is free. If you are applying through a tax agent, however, you may be charged a fee. You should always check if they are registered with the Tax Practitioners Board.

How To Sniff a Scammer

Don’t get caught up in a scam. Below are some tips to stay safe and wary of scammers around tax time.

Email or Text Scams

If you receive an email or text message from a number claiming to be the ATO, and they ask for personal or financial information – do not respond. Additionally, avoid clicking any links, or downloading attachments from suspicious text messages.

Phone Scams

If you receive an unexpected call from someone claiming they’re from the ATO, threatening you with arrest, asking for money to pay back a refund or debt, or asking for personal information – hang up. It worth noting also that the ATO will call from a private number – not from Caller ID.

Ask the ATO

If you’re concerned about the authenticity of a call or text from claiming the ATO, hang up and call the ATO on 1800 008 540. You will also find detailed information about various scams on their website.

Remember, that the ATO will never –

• Ask you to pay your debt into a non-ATO bank account, via gift cards, or with cryptocurrencies
• Threaten you
• Ask you to pay a fee in order to receive a refund
• Ask you for personal information via email or SMS
• Ask you to download, or open attachments, from the Internet

They Say That Money Talks – So What Is Yours Saying?

Most of us know that our superfunds invest into many industries and shares – but your superfund investments are likely funding activities that are not sustainable and may be contrary to your ethics.

If investing is something that you are interested in, but you don’t want your money to support industries or practices you don’t agree with, then ethical investing may be what you’re looking for.

What Is Ethical Investing?

Ethical investing refers to using one’s own ethical principles as their primary filter for where they invest their money. This obviously comes down to the individual’s perspective, however, it can generally be summed up as thinking with your moral compass, rather than what gives you the best returns.

Common denominators are shared in ethical investing. For example, some funds align with an investor’s personal beliefs towards the environment, such as those ensuring tree replanting, or clean energy. Others, meanwhile, may align them with religious, or political precepts. For example, some investors may choose to eliminate specific industries, such as sin stocks, which are companies that are involved with traditionally unethical practices, such as gambling, alcohol, or firearms.

So, how can you make money while making the world a better place?

History of Ethical Investing

Ethical investing has its roots originally in religion. In Biblical times, ethical investing was mandated by Judaism. Tzedek (trans: justice and equality) called for justice to correct the harm that humans cause. To have money, or own property, carried responsibility to prevent immediate or potential harm.

Later, in their 1758 Yearly Meeting, The Quakers decreed those members participating in the slave trade – the buying or selling of humans – would be ex-communicated. They further prohibited members of the clergy from spending money on the slave trade or leasing their ships for use in the transatlantic slave trade.

In 1760, John Wesley, one of the original founders of Methodism, preached the importance of refraining from investing in industries that harm human beings, such as chemical plants and mining. He outlined in one of his sermons one the basic tenets of ethical investing that we “ought not to gain money at the expense of life or by losing our souls.”

By the 20^th century, the developments in ethical investing mirrored the political climate and social trends of the time. For example, ethical investors in the late 1960’s and early 1970’s began focusing on organizations that supported unionist movements, and further shunned companies that supported or profited from the Vietnam War. The 1960’s also saw a rise in Islamic banking, which shuns investments in alcohol, gambling, and pork, alongside prohibiting interest.

The 1990’s saw ethical investments narrowing down on environmental issues. Ethical investors moved away from organisations that profit off coal, fossil fuels and deforestation and placed their money into companies that supported clean and sustainable energy. Today, ethical investing continues to primarily focus on impacts on the environment and society, sometimes referred to as green investing.

Benefits of Ethical Investing

Thanks to impact portfolios offered by a plethora of sustainably mutual funds, ethical investing is easier than ever. Not only that, but a study by AMP found that the median ethical investment manager has outperformed the S&P/ASX 200 Index over the span of five years.

There is evidence to suggest that ethical investments may offer lower levels of market risk than traditional investments, even in volatile markets such as the COVID-19 pandemic, or the outbreak of the Ukraine/Russian war. According to Morningstar data, 24 out of 26 ESG index funds outperformed comparable conventional funds during the first quarter of 2020.

If you need more reasons to switch your investments to an ethical fund, then consider this – You can live in alignment with your values. By investing in an ethical way that is aligned with your values and beliefs, you’ll be making money and using your money to improve society. You can sleep better at night knowing this.

How to Build an Ethical Investment Portfolio

Building an ethical portfolio is very simple. Here’s how to start investing ethically:

1. Decide how involved you want to be

When it comes to building an ethical portfolio, you can either choose to handpick specific investments and monitoring them over time, or you can get some help.

If you want to build your own portfolio, you can open a brokerage account, and use screening tools to find the right funds for your portfolio. If you don’t already have a brokerage account, here’s how to open one.

If you want assistance building a portfolio, that’s fine too! Many individuals go through a robo-advisors. Robo-advisors use algorithms to build and manage investment portfolios based on your goals, and your ethical preferences. They are also much cheaper to use compared to traditional advisors. Click here to view some robo-advisors that offer socially responsible portfolios.

2. Figure out what’s ethical to you

Before you start splurging, take some time to outline what ethical investing means to you. Does a construction company still count as ethical to you if it includes reforestation initiatives for every tree it cuts down? Knowing what industries, you want to support and which you want to avoid will make it easier to include or exclude investments.

3. Build your portfolio

Once your brokerage account is set up and you have figured out your goals, you can start building a portfolio. There are two simple ways to add ethical investments to your portfolio:

• Buy ethical stocks that you align with your values. If you’re new to this, you can check out Nerdwallet’s simple how to guide for buying stocks.
• Buy through Exchange Traded Funds (ETFs) – Click here to read more about how to do this here.

As Always, Check The Product Disclosure Statement (PDS) Before You Invest

The PDS that comes with all investing portfolios isn’t just there for show. It contains a lot of valuable information that you’ll need to know about your investments, and about your own portfolio, including:

• what index, sector or asset the ETF or stocks returns aims to replicate
• the fees and costs of investing
• the risks over the short, median and long term
• how to make a dispute or exit from your plan.

Thinking of investing ethically with your SMSF, or as a side hustle? It’s always wise to seek financial advice first. Auditax Accountants can help you make the best choice for your SMSF or goals. Call us on (08) 9358 5599 and ask to speak with one of our specialists.

An Ultimate Guide of SMSF Investments in Cryptocurrency

 Self Managed Superfund or SMSF is a private fund, introduced and designed only for those people who want to control and manage all their ongoing investments and long term retirement returns, and nowadays you also can use SMSF to buy and invest in digital cryptocurrencies including Bitcoin, Ripple, Ethereum and others. 

But, before jumping into this blockchain industry, you need to clear some of the doubts to understand the market and to perform the task, reading and exploring the topic is a must. 

That’s why we have crafted this guide through which we show you how you can Buy Cryptocurrencies using a Self Managed Superfund. So just stick to this blog post and dig all you need to obtain regarding the advanced way of digital money investments. 

“A Self Managed Superfund (SMSF) is a retirement fund that is chosen by some investors to give more control to their retirement plans but it has some restrictions around investing which you need to know before making a decision. “

How to Buy and Invest in Crypto Using SMSF? 

Before delving into the vast array of SMSF investments, it’s important to clear some basic things about Cryptocurrencies and other digital money platforms; you should know what they are, how do their markets work and other important aspects. 

So let’s dig into all the questions which may occur in your mind before making Self Managed Super Fund investments in Cryptocurrency. 

Cryptocurrency- Step-by-Step Explanation  

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are based on decentralised networks based on blockchain technology. I.e. They use a distributed ledger enforced by a disparate network of computers. 

A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Note: Choosing a cold wallet with a private key, rather than a default wallet offered by crypto exchanges or a hot online wallet, will provide additional security for your crypto investments. 

How to Make Cryptos investments through SMSF?

First of all, you need to create an online trading account and join an online exchange. Now sign up in your SMSF account using your login credentials. Now it is time to get a verified business account. 

In the second step, you need to fund your account and there are several methods you can use to perform the task. But remember always choose a verified and trusted online exchange which provides you with a secured payment method. 

The exchange for the SMSF is identified as the SMSF trustee of the owner of the account. So remember to link the right bank account to both SMSF exchange accounts.

Ideally, you should set up a single digital wallet for all your fund’s cryptocurrency transactions to make record-keeping as simple and transparent as possible.

Note: There are dozens of digital wallet providers, but only a handful is suitable for SMSF investors.

Now after checking and accepting all the details including the email address used for SMSF, ask for permission to fund your account through SMSF auditors. You should need to follow the SIS act and regulations to complete this process. 

Invest Strategy and Fund’s Governing Rules

As per the reports, in 2014, the Australian Taxation Office (ATO) ruled that cryptocurrencies are a legitimate form of investment for SMSFs. It has proposed the following set of new rules and conditions.

• They are allowed for under the fund’s trust deed
• They comply with the fund’s investment strategy
• They comply with all relevant super legislation, just like any other SMSF investment must do. For example, SMSF cryptocurrency investments must be:
• Held in the fund’s name (not in the names of individual fund members)
• Valued according to ATO guidelines (explained later in this article)
• While the number of SMSFs investing in cryptocurrencies is rising, the latest ATO statistics show the value of cryptocurrency assets held by SMSF was $137 million in June 2020. That’s a drop in the ocean of total SMSF assets of $733 billion.

What is the Sole-Purpose Test? How does it link to Crypto?

The sole purpose test needs to be met in order for a Self Managed Superfund to be eligible for tax concessions. Not only that, failing the sole purpose test can not only mean losing the concessional tax treatment for the SMSF, but also civil and criminal penalties for trustees. In order to satisfy this test, you will need to ensure that neither you, nor anyone else can benefit from the investment decisions you make in your SMSF – ofcourse, other than the SMSF itself benefiting from your investments.

So, as you guessed it – keep your SMSF Crypto account separate to any personal investment accounts to ensure you do not fail the Sole-Purpose Test.

Note: Like all SMSF investments, your SMSF cryptocurrency must be kept separate from your personal cryptocurrency assets.

Tax Consequences and Valuation 

ATO considers all the cryptocurrencies as assets because when you sell digital coins, you generate more profit leading to you incurring capital gains tax. Conversely, you can offset your capital gains through capital losses. These are the tax consequences you will get after investing in digital currency through SMSF. 

While talking about the valuation, you should know that any crypto assets held by a super fund will also be valued. It’s a legal requirement for SMSFs to value their assets according to ATO guidelines as part of their annual reporting, and cryptocurrencies are no different. They must be valued at their current market rate as at midnight of June 30 at the end of each financial year – as opposed to stocks where you would get the market rate at the time of the market closing. 

What is the value of cryptocurrencies?

Like any currency, cryptocurrencies only have value if enough people recognize them as an acceptable form of payment in exchange for goods and services. And like any currency, the value of cryptocurrencies can rise or fall over time based on the forces of demand and supply as well as investor sentiment.

For example, a single Bitcoin was worth $458 in September 2014. Three years later the price hit a peak of $25,506, before dropping back to earth. In October 2020, bitcoin was trading around $15,000. As of November 2021, the price of a single Bitcoin is around the $80,000 mark. This makes cryptocurrencies highly volatile and may lead to either extremely large gains or losses.

“That is not to say that cryptocurrencies do not have a place in a well-diversified SMSF investment portfolio. They are best thought of as an alternative asset class with little or no correlation to traditional asset classes such as shares, property and bonds. But diversification and knowledge are keys to reduce potential risks.” 

What are some of the risks of SMSF cryptocurrency Investments? 

Cryptocurrencies are not legal tender in many countries, even though they can be used to pay for goods and services if a seller is prepared to accept them. It simply means that cryptocurrencies do not have the backing of any bank or the Australian Government – unlike the Australian dollar, which is backed by the Reserve Bank and the Australian Government. 

So investors are unlikely to receive government support if a cryptocurrency they hold ceases to exist for any reason. Digital currency can also potentially be stolen from your fund’s digital wallet by online hackers, though you can (and should) arrange for insurance against this happening. 

How to find instant and round the clock SMSF Solution? 

Investing in cryptocurrency using your Self Managed Superfund is not a hectic task but at the same time, it is not the bread and butter of many seasoned investors. So, you need some sort of expert advice to finish the task sometimes and that is where you need to connect to the trading professionals. There are multiple traders and investors you can find but the problem is how you can choose the best and trusted one? 

Don’t need to think much, we also offer a blend of services related to SMSFs and cryptocurrencies so, you can get in touch with our team of SMSF advisors to find out more about how you can invest in Crypto through your SMSF and what the key limitations are.

The Final Thoughts- 

After gathering a lot of advanced information from different sources about Self Managed Superfunds and Cryptocurrencies, we hope to have cleared all your doubts related to digital money and how you can easily buy and invest in Cryptocurrencies through SMSFs. If you still have any doubts, contact us today for expert advice. 

The Court of Appeal of Queensland has rejected property tycoon Craig Gore’s appeal against his conviction of six charges of fraud relating to SMSF property fraud of almost $350,000.

Mr. Gore was arrested in 2017 and charged with 12 counts of fraud in relation to funding that he obtained from SMSF investors. ASIC alleged that he convinced investors through his role at Arion Financial Pty Ltd that they could invest in debentures. He is also alleged to have then promised the investors a guaranteed return, high returns over a short period of investment. He was subsequently found guilty of six charges of fraud in Oct 2020. In Nov 2020, Mr. Gore was sentenced to 5 years in prison. This was based upon the evidence demonstrated that Mr. Gore had continued to secure funds from Self Managed Superfund investors after Dec 2013 without disclosing to them that there wasn’t an appreciable likelihood of them making a return on their investments because Arion was in a poor financial state. A major element of the culpable judgment was based on evidence of Mr. Gore’s awareness that the business owed a large debt to the Australian Tax Office (ATO) as he had contacted them about arranging monthly payments for paying off the substantial debt the business had gathered.

In the appeal, according to court documents, Defence argued that Justice Byrne made a mistake during his assessment of the Australian Tax Office’s debt evidence. The appeal appeared to focus around the main argument that the debt repayment arrangement requested by Mr Gore was a “mere preference to make payment by instalment” rather than evidence that suggested Arion was unable to pay the debt. However, Justice McMurdo rejected this, stating that there had been a steady increase in the ATO’s debt over 6 months which could only be credibly explained by the fact that Arion was unable to pay this debt as it was falling due.

“It is essential to understand the rationale of the court as to why the appellant and the ATO have had an important conversation in evidence of the proceedings. It was not just at that moment that the Arion Group or the Arion businesses went bankrupt. Rather, this incident was a convincing demonstration of real knowledge of the financial situation of businesses that existed for a while at the latest.”

“The importance of this debt has to be understood also from the circumstances, clearly proved by the evidence, of the absence of cash to pay the debt, the absence of any credit facility from which the required funds could be obtained and the absence, at that time, of any stream of income from what had been intended to be the core business of the Arion companies.”

Mr. Gore faces three further counts of acting in the management of three corporations whilst being disqualified from doing so. Every charge of acting in the management of corporations whilst being disqualified from doing so carries a maximum penalty of 1 year imprisonment or up to a $8500 fine.

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It is very important that your SMSF meets the residency test because the consequences of non-compliant status can be harsh. If your SMSF fails the residency test requirements, you as an SMSF trustee will have to pay the tax at the rate of 45% on the entire amount of SMSF asset less non-concessional contributions in the non-compliant year (the tax rate was increased to 47% during temporary budget repair levy financial years of 2014-2015, 2015-2016 and 2016-2017). The non-compliant status of the fund strips it essentially from all the tax concessions it had for years.

But you can take preventive actions to avoid this by following the handy SMSF guide below which provides information and strategies to trustees and advisors to help them meet the residency test for their SMSF.

Three conditions that an SMSF needs to satisfy for qualifying as an Australian Superannuation Fund

• The Self-Managed Superannuation Fund should have been established in Australia.
• The central management and control of the SMSF should lie in Australia.
• The fund should either have no active members or, have active members who are Australian residents and hold at least 50% of the total market value of SMSF asset or the amounts that would be payable to the active members if they voluntarily leave the superannuation fund.

Active Member of an SMSF

An active member of the SMSF is a person who is contributing to the fund at the time or contributions are being made to the fund on behalf of that person.

The ATO always keep matching active member data by applying various techniques:

• The ATO can match the list of Active members of the fund by personal and SMSF tax returns.
• The AT O can also apply other filters on data like entries to and exits from Australia.

SMSF trustees need to be proactive about SMSF residency laws especially in today’s time when family members are living across countries and the world is becoming a global village because SMSF can easily lose compliant status if family member living overseas takes over the trustee position by succession.

Past Rulings

As per the decision of Bywater Investments Limited & Ors v. Commissioner of Taxation; Hua Wang Bank Berhad v. Commissioner of Taxation [2016] HCA 45; 2016 ATC 20-589 (‘Bywater’), it is clear that risk pertaining to this area is increasing.

ATO comments in TR 2018/9 , clearly depict that, only figurehead directors for your SMSF fund to establish the Australian central management and control would not be sufficient. In the Bywater case, it was found that the Director controller residing in Sydney was holding control of numerous overseas companies. Therefore, it is recommended to appoint a resident director in place of the overseas member for avoiding the risk of non-compliance status.

More super changes are on the way with the release of draft legislation to implement super reforms announced in the 2020-21 Budget including single default account, best financial interests duty, and tackling fund under-performance. The reforms are designed to ensure that the super system deliver better outcomes for members.

Under the proposed rules:

• employers will be required to make contributions on behalf of employees to the employee’s existing “stapled” fund in certain circumstances, including where the employee has not chosen a fund. It will apply to employees who started their employment on or after 1 July 2021;
• trustees of registrable super entities, directors of the corporate trustee of a registrable super entity, and trustees of SMSFs must perform their duties and exercise their powers in the best financial interests of the beneficiaries, which reverses the evidential burden of proof. It may also prohibit certain payments, or prohibit certain payments unless certain conditions are met, regardless of whether the payment is considered to be in the best financial interests of beneficiaries;
• APRA will conduct an annual performance test for MySuper products, and other products specified in regulations. Trustees of the super entities will be required to give notice to members when a product fails the test. In addition, where a product has failed the performance test in 2 consecutive years, the trustee will be prohibited from accepting new beneficiaries into that product. It is envisaged that APRA may be able to lift the prohibition if circumstances specified in the regulations are satisfied. To allow taxpayers to make more informed decisions and increase transparency, APRA will also be able to rank various super products according to specified metrics including fee levels and investment returns. The results of which will be published on an interactive website by the ATO. These reforms will ensure underperforming super products are held to account.

Contact us today if you would like to find out more about how these upcoming super changes will affect you. Remember, these and many other tax and super changes are coming in 2021 and beyond, we can help you stay one step ahead.

If you’re an individual and you think you’ve been underpaid or not paid super for the work you’ve done, one of the ways to try to claim unpaid super is to lodge an enquiry with the ATO. While there are other ways to pursue your claim such as going to the Fair Work Ombudsman or through the Courts, going through the ATO may be the easiest way, provided you have the proper documentation.

In order to lodge a claim, you’ll first need to confirm that you’re both entitled to be paid super and the amount of super has not been paid or has been underpaid. Once that’s confirmed, you can lodge an enquiry with the ATO containing the following information:

• Invoices, claim for payments and/or any other payment documentation;
• Payslip, payment summaries or income statements from the employer;
• Copies of super fund statements for the years in question, plus a further 6 months;
• The employer’s contact details including business address;
• The employer’s ABN; and
• Details outlining the period of unpaid super including when the issue started and ended (ie month and year).

In addition to the information above, the ATO is also likely to seek permission from you to use your name when contacting your employer and in some instances may not be able to proceed with the super enquiry (or there may be delays) if permission is not provided.

If you have an enquiry regarding unpaid or underpaid super that relate to more than 5 years ago, it may be more difficult if not impossible for the ATO to deal with. The ATO notes that unless you have documentary evidence that your employer has not met their super guarantee obligations, it cannot investigate further.

For enquiries relating to less than 5 years ago, once you lodge your documents, the ATO will contact you as it moves through each of the 5 stages (query received, investigation progressing, employer debt established, debt collection progressing and query closed). Contact will mainly be in the form of mail or email through the myGov portal.

When the “employer debt established” stage is reached, you will receive an estimate from the ATO based on the information received so far. However, the actual amount paid into your super fund may differ from the estimate provided due to the accrual of interest or in instances where your previous employer provides new information. Remember to be patient if you’re pursuing the enquiry route through the ATO, the entire process is expected to take 12 months or longer.

In an effort to increase economic security for women in the event of divorce, the government had previously proposed to introduce a measure to improve the visibility of superannuation assets in family law proceedings. Currently, getting full visibility of superannuation assets in family law matters when one party does not cooperate can become complex, time-consuming and costly. It usually requires parties to go on “fishing expeditions” using subpoenas and other formal court processes with no guarantee of success.

The logic for the government introducing this measure is that superannuation is often the most significant asset in the property pool of separated couples, however, the super balances of women nearing retirement are 42% lower than those of men. In addition, it is estimated around 60% of women suffer some form of financial hardship within 12 months of separation. This hardship can also be perpetuated by a lack of financial disclosure by a former partner, which can result in women receiving a smaller share of property than they would be entitled to.

Practically, to implement the measure, the government has proposed to provide $3.3m to the ATO to develop an electronic information sharing mechanism between the ATO and the Family Law Court in each State to allow super assets held by relevant parties during family law proceedings to be identified swiftly and more accurately. To enable that to happen, current secrecy provisions will be changed to allow ATO to provide this information.

For example, consider the situation where a couple (A and B) has decided to end their partnership and are now seeking orders in the Family Law Courts to decide their property. If A has multiple superannuation accounts and only discloses the details of one of the accounts and refuses to provide further information despite repeated requests. B will be forced to apply to various superannuation funds and subpoenaing A’s employment records to obtain the necessary information which will be costly and time-consuming. After the measure becomes law, the Court will be able to seek this information directly from the ATO through the electronic information sharing system without the need for all the extra work from B.

While the measure was originally scheduled to be operative by July 2020, it has since been delayed by the government’s focus on COVID economic stimulus and the complexity involved in the mishmash of different family law jurisdictions in each state. However, according to the Minister for Superannuation and Financial Services, Senator Jane Hume, the government remains committed to the measure and the legislative amendments required to implement this measure would be introduced by mid-2021. This means that the proposal is not likely to be operative until July 2021 as the earliest.