[189] Superannuation lump sum payments to terminally ill tax-free
Mon Feb 25 2008
Weekly Tax Bulletin --- Page: 184-185 : 15 February 2008 Original article by Stuart Jones
LexisNexis Summary
The Australian Government has recently introduced the Tax Laws Amendment (2008 Measures No 1) Bill 2008. Amongst other changes, the Bill amends the Income Tax Assessment Act 1977 so that lump sum superannuation payments to the terminal ill will become tax free. The measure was originally announced by the previous Coalition Government in 2007. The amendments will affect payments after 1 July 2007. The Superannuation Industry (Supervision) regulations define a terminal medical condition as being one from which the person is expected to die within a year.
