The 2015 Budget put forward by the Federal Treasurer, Joe Hockey, surprisingly did not introduce changes to the taxation of superannuation. Minor policy changes announced were as follows:
Release of superannuation for those suffering a terminal illness
Effective date: 1 July 2015
Under existing policy arrangements, to qualify for a terminal illness payout you must have two medical practitioners, at least one must be a specialist, certify that the person is likely to pass away within 12 months. This has led to cases where the person has a terminal illness but is expected to live longer than 12 months and have been required to wait. The government will seek to legislate to increase the eligibility timeframe from 12 to 24 months.
Finding lost and unclaimed super
Effective date: 1 July 2016
To make it easier for individuals to find their lost super, the Government intends to remove redundant reporting obligations and streamline lost and unclaimed superannuation administrative arrangements.
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