Terminally ill patients to get super access
Australians who have been told they have less than 24 months to live will be able to access their superannuation, under a Government regulatory amendment.
Assistant Treasurer, Josh Frydenberg, announced the Government amendment would take effect from 1 July, and enable terminally ill patients to access their super earlier than under current rules.
In a statement released today, Frydenberg said a number of patient support groups, including Breast Cancer Network Australia, has made petitions to change the regulations.
"Under the current provision for early access to superannuation, a person with a terminal illness is required to obtain a certification from medical specialists [that] they have less than 12 months to live," Frydenberg said.
"This has proven difficult for some people, including women with secondary breast cancer diagnosis.
"Understandably, they want access to their money as they may experience significant financial burden associated with treatment costs or want to make the most of their time with their family.
"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."
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
