The federal government has widened the life expectancy period for early access to superannuation for the terminally ill.
Assistant Treasurer Josh Frydenberg said yesterday that the government would amend the relevant regulations to change the life expectancy period to 24 months.
It is proposed this change will take effect from 1 July 2015.
Under the current provision for early access to superannuation, a person with a terminal illness is required to obtain certification from medical specialists if they have less than 12 months to live.
“While this is a small regulatory amendment, it will make a big difference to the lives of those affected and that is why the government has decided to act,” Mr Frydenberg said.
This move follows representations by Breast Cancer Network Australia and other organisations.
SUBSCRIBE TO THE IFA DAILY BULLETIN
11 Dec 2017Insurance engagement driven by advisersBy Jessica Yun
11 Dec 2017Kaplan pushes for new CPD regimeBy Staff Reporter
11 Dec 2017Senate approves AFCA billBy Annie Kane
11 Dec 2017Treasury reassess early super release rulesBy Miranda Brownlee
8 Dec 2017Dunsford embarks on acquisition huntBy Killian Plastow
8 Dec 2017ASIC reaffirms interest in reference check protocolsBy Killian Plastow
- view all