People suffering from a terminal medical condition will have easier access to any lost superannuation they have, with the passage of a Bill through the Parliament – which also extends tax relief for merging super funds and moves some responsibility from DHS to the ATO.
The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 has passed both houses of Parliament and awaits Royal Assent.
The, as yet, Bill enables the ATO to pay unclaimed superannuation directly to people with a terminal medical condition. Currently these amounts, in most cases, would first have to be transferred to a superannuation account.