Superannuation News - Update

Many people give their time in different ways to improve conditions for the breast cancer community. Here we can discuss what's happening and what needs to happen. We can also celebrate the successes, acknowledge the input and learn how we can help or become involved.
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Cyndie
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Superannuation News - Update

Postby Cyndie » Sat Jan 19, 2008 5:57 pm

Just thought I would add this one from The Beacon - Dec 07 Issue

Super news on super

‘I can celebrate, as I was trying to hold off on my super until next year, but the money is really needed now. I will open a bottle of wine and ring my financial adviser tomorrow. Great news for all.’

This quote from one of our members highlights the happiness we all felt on hearing about the Australian Government’s decision in September not to tax people with a terminal illness who access their lump sum superannuation.

Many of you will agree that women living with advanced breast cancer have enough going on in their lives, with many facing exorbitant financial costs associated with their treatment and their inability to continue paid employment. The costs associated with everyday life usually don’t get any easier – in fact they are often significantly more difficult to cope with while managing such a complex illness.

BCNA and others have been actively lobbying federal politicians to draw attention to this issue and to highlight the difficulties faced by women at an already difficult time in their lives.

We are thrilled to hear that this decision has been made. It is a decision that takes into account the human side of this illness in an area where tax rules can be cold and impersonal.

In October, interested parties were invited to comment on the proposed details related to implementing this new measure.

BCNA has recommended:
• modifying the certification requirements so that certification of the person’s illness is required from one rather than two medical practitioners
• that medical certification be provided for women expected to live for up to two years, rather than 12 months
• development of a communication strategy to ensure that women, medical practitioners and superannuation representatives are aware of their rights and obligations under this new initiative
• the development of an appeals process.

To read more about the government’s announcement visit our website www.bcna.org.au > Latest News.
Further information will be posted when available.
Cyndie
Living every day!!!!

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