Investor Weekly --- Page: 8 : May 2007 Original article by Victoria Young
ABIX Summary
Martin Murden says an Australian Taxation Office (ATO) ruling issued in April 2007 will be welcomed by ill or injured workers. The ruling will enable superannuation funds to pay income protection benefits to incapacitated members for the whole period of their disablement. Under the previous regime, funds only tended to pay benefits for two years, as tax deductions for insurance premiums for disability benefits could only be claimed for two years. Murden, of Partners Superannuation Partners, says the changes will allow incapacitated workers to get up to 70 per cent of their income for the entire time that they cannot work.
