Our founder and principal adviser, Andy Reynolds, was recently featured in an ABC News investigation examining how child abuse survivors are being required to repay Centrelink, Medicare, and private health insurance benefits out of their compensation settlements.
Last week the ATO ruled in our clients favour, that our client’s ‘date of disability’ to be used in the TPD tax-free uplift, should be the actual date that the person stopped being capable of employment due to disability and NOT the date that a doctor signs a report to confirm this.
The purpose of this webinar was to explain what happens after a superannuation total & permanent disability (TPD) claim is approved, how the tax works and what are the financial considerations and consequences when the claimant completes their superannuation withdrawal form.
Will my superannuation TPD claim impact my child support payments? The answer is yes, the taxable portion of your superannuation withdrawal after a TPD claim being approved, is counted as taxable income, and will impact your child support arrangement.
Some TPD claimants will now be entitled to a $5,000 refund at the end of the tax year, if they have no other taxable income (and don’t have any other tax payments/deductions) thanks to recent changes in marginal tax rates.
With total and permanent disability (TPD) insurance cover, there is no limit on how many different policies a person may have, and then if they suffer and illness or injury and don’t expect to be able to work again, they can make a claim against all these policies.
The TPD claim itself is not taxable, however, the subsequent withdrawal from the superannuation account will be taxable if the person is under age 60.
This article aims to help you understand the different types of Total & Permanent Disability (TPD) insurance claims and the different financial implications following a successful TPD claim.
We are a financial advice firm and talk to people all over Australia that are about to, or have recently had a superannuation TPD claim approved and wanting to understand the financial options and implications following a successful claim.
Do you need financial advice on your TPD claim or any other area of your financial situation? Hi, in this video Andy talks about the financial advice system in Australia and considerations for getting financial advice following a TPD claim. You can visit our other website: www.EFSAdvice.com.au for more information on our financial advice services.