Access by persons with a terminal medical condition to their superannuation benefits

The Superannuation Industry (Supervision) Amendment Regulations  2008 (No. 1) amend the Superannuation Industry (Supervision) Regulations 1994 to create a new condition of release to allow persons with a terminal medical condition unrestricted access to their superannuation benefits.

The change complements the  Tax Laws Amendment (2008 Measures No. 1) Bill 2008 which was introduced into the House of Representatives on 13 February, to make superannuation lump sum payments tax free where paid to persons suffering from terminal medical conditions.