Sent: 13-10-2009 12:18:01
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Super Fund Deductibility of Disability Insurance Premiums - Stop Press
Useful background to this issue can be read at an article I wrote last year. Click here for further details: http://www.atcbiz.com.au/r.php?r=ng74ag1
In news just released the Superannuation Minister (Chris Bowen) said that he has decided that current industry practice will continue until June 2011 and then industry will be expected to comply with the ATO's interpretation from July 2011 onwards. Effectively the ATO believe that only premiums for a limited definition of permanent disability are tax deductible in a super fund.
Amending legislation will be introduced shortly.
It is good to have certainty even if the industry did not win some more flexibility.
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