Home' Australian Ageing Agenda : AAA Nov-Dec 2016 Contents Issued by H.E.S.T. Australia Ltd ABN 66 006 818 695 AFSL No. 235249, the Trustee of Health Employees Superannuation Trust Australia (HESTA) ABN 64 971 749 321. This information is of a
general nature. It does not take into account your objectives, financial situation or specific needs so you should look at your own financial position and requirements before making a decision.
You may wish to consult an adviser when doing this. Third-party services are provided by parties other than H.E.S.T. Australia Ltd and terms and conditions apply. H.E.S.T. Australia Ltd does not
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Breaking up is hard.
Splitting your super doesn't need to be.
The end of a relationship can be an emotional
and traumatic time. But it's important to know
there are lots of places you can go for help.
Your super fund can help you understand how
your super balance fits in.
Where your super stands
When a marriage or de facto relationship breaks
down, your super is treated like any other asset.
It can be divided (by agreement or court order)
and your spouse may receive some or, in some
circumstances, all of your super.
Your spouse can request information about your
super and your fund's Trustee is legally obliged
to respond to the request and give effect to any
agreement or court order.
Splitting laws cover the entire super account-
splitting process, which requires Trustees to:
• provide initial information to an eligible
person who enquires about the value of a
• flag an account so no payment can be made
until the flag is lifted
• split a super benefit between the parties of
the relationship, either by agreement or by
Remember, splitting doesn't convert super into
a cash asset. It's still subject to superannuation
laws and is usually retained until retirement
ages are reached.
Support for HESTA members
You might be surprised about how much support
you can get as a HESTA member.
HESTA members have access to personal
super advice at no extra cost. So, if you'd like to
discuss your circumstances and options with an
expert, call 1800 813 327. Our advice team will
be happy to help.
The HESTA education team runs Money
Makeover workshops with ME Bank to help
members make --- and stick to --- a household
budget and pass on money saving tips.
Our education and advice team can also discuss
simple strategies to help you rebuild and keep
your super on track. Even $10 extra per week
can have a big impact on your balance over time.
Getting back on your feet
• Visit hesta.com.au or call us on 1800 813 327
for more about super splitting, boosting your
balance and the advice available to members.
• Check out the comprehensive suite of
education modules --- available at hesta.com.
au/money101 --- developed by Money101, an
independent provider of financial education.
The simple interactive modules have been
designed to help HESTA members make more
informed financial decisions.
• moneysmart.gov.au is a government website
offering independent tips and tools to help
you make the most of your money --- inside
and outside super.
• Read more about the super splitting process
• The Attorney General's Department has
frequently asked questions on super splitting
By: Darragh O'Keeffe
SENATOR Rachel Siewert
said she was disappointed
Labor voted with the government
to stop the cuts to the Aged
Care Funding Instrument being
referred to the Community Affairs
The motion for an inquiry into
aged care sector funding was
moved by Senator Siewert and
Senator Stirling Griff from the Nick
Xenophon Team in mid-September.
"We need time to assess the
impacts that these cuts will have
on the aged care sector," said
"We have heard from
consumers and providers in the
sector of their deep concerns
about the impact of the
government cuts. They need full
and careful review through the
"This is not the last attempt
I will make to get these cuts
reviewed," she added.
However, Labor said Senator
Siewert's proposal would "fail to
"The Greens have refused
to genuinely engage with Labor
to deliver a sustainable future
funding model, instead choosing
stunts," said Julie Collins,
Shadow Minister for Ageing and
She said the Greens should
back Labor's move for a full
independent review into aged
Labor introduced a private
members bill into Parliament on
10 October to amend the terms
of the scheduled Living Longer
Living Better review to also
deliver an independent review of
residential aged care funding.
Aged care provider peak
body Aged & Community
Services Australia (ACSA) said
it welcomed the push from
the parliamentarians for an
examination of aged care funding.
However, any review needed
to be undertaken in a timely
manner and result in certainty
and sustainability for both
consumers and providers, said
ACSA president Paul Sadler.
been calling for
some time for a
review of aged
care funding and
we have welcomed
being willing to
discussions on the
funding tool and
are ongoing," Mr
Meanwhile, recent advice
issued by the Department
of Health on the charging of
additional service fees has
been criticised by provider
peaks for taking a backwards
step on its reform agenda to
shift aged care to a market-
It was also perceived by
investors as further evidence
the sector's funding streams
The department said it
was issuing the advice as it
had become aware that "an
increasing number of providers"
had been charging or were
proposing to charge additional
services fees, including so-called
capital refurbishment fees and
asset replacement contributions.
Consumer group Council
on the Ageing, however, said
it supported the department's
advice and welcomed the
clarification of the law. n
Labor and Greens clash over path to
review aged care funding cuts
www.australianageingagenda.com.au | 7
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