What does 'property' mean in the context of superannuation law?

In Plain English

In the context of superannuation, "property" is a broad term. It includes not only physical items but also intangible assets like rights, interests, and claims. These can arise from contracts or other legal instruments and can be definite or uncertain, current or future.

Detailed Explanation

The definition of "property" can be found in [Chunk 15] of the Superannuation Act 1990, which states that property includes:

• (a) choses in action; and This refers to rights that can only be enforced through legal action, such as debts or contractual rights.
• (b) rights, interests and claims of every kind in or to property, whether arising under or because of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing. This is a very broad statement encompassing all types of rights related to property, whether they are based on a formal document (like a contract), or arise in some other way. It also includes claims that are fixed in amount ("liquidated") or not yet fixed ("unliquidated"), certain or dependent on future events ("contingent"), and those that have already accumulated ("accrued") or are still accumulating ("accruing").

Additionally, Section 285-5 of the Income Tax Assessment Act 1997 clarifies that transfers of property, including contributions and superannuation lump sums, are considered payments under this part of the Act, and the amount of the payment includes the market value of the property.