Super tax break for defence and police personnel killed in line of duty

income tax assistant treasurer

11 April 2007
| By Liam Egan |
image
image
expand image

Peter Dutton

Non-dependant members of families of Australian Defence Force personnel, Australian Federal Police, and state and territory police killed in the line of duty are to receive concessional tax treatment of lump sum super death benefits.

The changes to the Income Tax Assessment Act 1997 announced today by Minister for Revenue and Assistant Treasurer Peter Dutton will provide non-dependants with the same concessional tax treatment for lump sum super death benefits as dependants.

“From July, 2007, eligible non-dependants of ADF personnel and police will pay no tax on the superannuation benefit left to them by someone who has died in the line of duty,” Dutton said.

“This measure recognises the valuable role played by these men and women in maintaining the safety and security of our nation and our interests, at home and abroad.”

The measure is retrospective from January 1, 1999, resulting in non-dependant members of ADF and AFP personnel killed in recent overseas deployments receiving a refund on any additional tax paid on a super death benefit.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 1 day ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 weeks 6 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

6 days 7 hours ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 day 22 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

1 day 2 hours ago