Terminally ill awarded early super access

People diagnosed with two years to live will now be able to access their superannuation under a new government initiative.

Currently terminally ill under 65-year-olds are only granted full access to their super savings if they are diagnosed with 12 months or less to live.

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But Assistant Treasurer Josh Frydenberg said on Thursday he would extend this to 24 months, in response to lobbying by the Breast Cancer Network Australia.

Mr Frydenberg said the 12-month rule had “proven difficult for some people, including women with secondary breast cancer diagnosis”.

He went on: “Understandably, they want access to their money as they may experience significant financial burden associated with treatment costs or want to make the most of their time with their family.

“While this is a small regulatory amendment, it will make a big difference to the lives of those affected and that is why the Government has decided to act.”

The new regime will come into effect on 1 July 2015.

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