28 Oct 1010 Draft Regulations - Transitional income tax deductibility relief of super funds' TPD insurance premiums
On 13 October 2009, the then Minister for Financial Services, Superannuation and Corporate Law announced an amendment to the tax law to provide transitional relief to complying superannuation funds for the deduction of insurance premiums for Total and Permanent Disability (TPD) benefits for the income years 2004-05 to 2010-11.
Provisions contained in Schedule 2 of the Superannuation Legislation Amendment Bill 2010 (awaiting Royal Assent) give effect to this decision, allowing complying superannuation funds to claim a broader deduction for TPD insurance premiums for the 2004-05 to 2010-11 period.
Treasury has now released draft regulations and explanatory material to describe disabilities that are considered permanent disabilities for the purpose of the transitional meaning of the terms "disability superannuation benefit" and "death or disability benefits" which will apply for the transitional period.
The closing date for submissions is Wednesday, 10 November 2010.