Superannuation Budget Announcement 2015

The Government intends to amend the superannuation conditions of release to make it easier for people suffering a terminal illness to access their superannuation benefits from 1 July 2015.

Under the current rules, a person with a terminal illness can only access their preserved super benefits where they are diagnosed as having less than 12 months to live.

The Government plans to amend the relevant regulations to change the life expectancy period to 24 months. This change will provide people with access to their super savings earlier which may assist with the payment of treatment costs and allow them to make the most of time with their family.

The Government has announced it will implement a package of measures from 1 July 2016 to reduce red tape for superannuation funds and individuals. The changes include removing redundant reporting obligations and streamlining lost and unclaimed superannuation administrative arrangements.

The government says the changes aim to make it easier for individuals to be reunited with their lost and unclaimed superannuation.

The Government has announced that from 1 July 2015 supervisory levies paid by financial institutions will be increased to recover the cost of superannuation activities undertaken by the Australian Taxation Office and the Department of Human Services. This will apply from 1 July 2015.

For more information on this subject feel free to get in touch with us click here.

To read more about our specialised service offers for SMSF, please click here.

Disclaimer and Warning
The information above is of a general nature only. It should not be used as a source to make financial decisions. It’s also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status. We recommend that if you are looking for advice on this matter, you should contact us.