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
News
- 20 Jun 2018FASEA names new chief executiveBy Reporter
- 20 Jun 2018Sexual harassment debate sparked in US advice industryBy Aleks Vickovich
- 20 Jun 2018Dealer group to appear before royal commission’s fourth roundBy Aleks Vickovich
- 20 Jun 2018BT turns off grandfathered commissions for salaried advisersBy Killian Plastow
- 20 Jun 2018Product providers back Dover advisersBy Aleks Vickovich
- 19 Jun 2018Consultant calls for ‘restricted’ product adviceBy Tim Stewart
- view all
