Draft Regs - Streamlining deductions for the cost of super disability insurance
04 Aug 2011
Amendments to ITAA 1997, contained in the Tax Laws Amendment (2011 Measures No 4) Act 2011, streamline the process for claiming tax deductions for the cost of total and permanent disability (TPD) insurance provided through superannuation. Specifically, the amendments provide for the percentage of certain TPD insurance premiums (or the cost of self-insurance) that is deductible to superannuation funds to be specified in regulations.
On 3 August 2011, Treasury released for public consultation draft regulations and explanatory statement. The draft regulations contain the deductible percentages for certain TPD insurance premiums, and the definitions of the associated TPD insurance policies.
The closing date for submissions is Friday 12 August 2011.