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.
The government will 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.
“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.
Very good decision. A much better time frame for people to arrange things for the time they have left and those people who will be left behind. Financially, the costs in lost income and extra ,medical and support expenses can be devastating
Good call! Always a tough situation to have to deal with. This will help provide some peace of mind for the terminally ill and their loved ones.
firstly who will state you only have ?? time to live as they can be sued if incorrect.
what will happen if the diagnosis is wrong and you live longer now that you have spent all your super.
the confusion continues