The Government will amend the provision for accessing superannuation for people suffering a terminal illness. This follows representations by Breast Cancer Network Australia and other organisations.
Under the current provision for early access to superannuation, a person with a terminal illness is required to obtain a certification from medical specialists they have less than 12 months to live.
This has proven difficult for some people, including women with secondary breast cancer diagnosis. Understandably, they want access to their money as they may experience significant financial burden associated with treatment costs or want to make the most of their time with their family.
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.