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Tpd payout

Discussion in 'Superannuation, SMSF & Personal Insurance' started by vickip, 19th Jul, 2010.

  1. vickip

    vickip New Member

    Joined:
    19th Jul, 2010
    Posts:
    1
    Location:
    vic
    Hi, i have received a tpd payout which i have paid tax on and my question is whether i need to disclose this on my tax return. I do not see the need to as i have already paid the tax, Hope you can help !
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Hi VickiP

    It depends on who the owner of the policy was.

    If the policy was in your name, then likely it will not be taxable.

    Below is a summary in regards to the tax deductibility of disability premiums and also the taxation treatment of the proceeds:

    [​IMG]

    This is the best answer I can give based on the information you have supplied.

    SM
     
  3. Jenni

    Jenni Active Member

    Joined:
    27th May, 2009
    Posts:
    34
    Location:
    Brisbane, Qld
    Hi

    Generally if tax has been taken out of any payment you need to declare it in your tax return as the tax taken out is an estimate and may be affected by any other income.

    Also, you may have actually had too much tax taken out, again depending on your other income.