12 Jul 10 Exposure Draft - Terminal Medical Condition Insurance Premiums
As part of the 2010-11 Budget, the Treasurer, Wayne Swan, announced an amendment to the tax law to allow superannuation funds and Retirement Savings Account (RSA) providers to deduct the cost of providing terminal medical condition benefits to fund members and RSA holders. Legislation has been developed to give effect to this decision through an amendment to the ITAA 1997.
Treasury has now released an exposure draft and explanatory material for public consultation. The closing date for submissions is Friday 30 July 2010.