Treasury has released an exposure draft bill amending the Superannuation Industry (Supervision) Act 1993 (SIS Act 1993) to allow the trustee of a regulated superannuation fund to acquire an asset in-specie from a related party of the fund, following the relationship breakdown of a member of the fund, without contravening the prohibition in subsection 66(1).

Currently, section 66 of the SIS Act 1993 can prevent the transfer or roll-over of certain superannuation interests resulting from a relationship breakdown. Australian Tax Office Determination SPR 2006/MB1, made on 28 August 2006, relaxes this prohibition where a self managed fund trustee acquires an asset from a related party following the marriage breakdown of a member. However, this Determination has a number of limitations as it does not extend to opposite-sex or same-sex de facto parties, nor does it cover transfers or roll-overs made to Australian Prudential Regulation Authority regulated funds.