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Consultation Paper - Streamlining Deductions for the Cost of Disability Insurance Through Superannuation


Thursday, 16 June 2011

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Amendments to the Income Tax Assessment Act 1997, contained in the Tax Laws Amendment (2011 Measures No. 4) Bill  2011, will 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.

The attached paper provides the basis for consultation on the content of the regulations.  The paper sets out the deductible percentages for certain TPD insurance premiums, and the definitions of the associated TPD insurance policies, that would be prescribed in the regulations.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 1 July 2011

Address written submissions to:
Benefits and Regulation Unit
Personal and Retirement Income Division
The Treasury
Langton Crescent
Email: superamendments@treasury.gov.au

For enquiries, please call Michael Dalton on (02) 6263 3713 or Adriana Siddle on (02) 6263 3373

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Consultation Paper - Streamlining Deductions for the Cost of Disability Insurance Through Super.  618.51kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Consultation Paper - Streamlining Deductions for the Cost of Disability Insurance Through Super.  1,566.98kb

Related Items:

Income Tax Assessment Amendment Regulations 2011 (No. 5) – Deductibility for the Cost of Total and Permanent Disability Insurance through Superannuation - 5/10/2011
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