Tpd payout

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

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  1. vickip

    vickip New Member

    Joined:
    1st Jul, 2015
    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 !
     
    vickip, 19th Jul, 2010
    #1
  2. Superman__

    Superman__ Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    350
    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
     
    Superman__, 19th Jul, 2010
    #2
  3. Jenni__

    Jenni__ Active Member

    Joined:
    1st Jul, 2015
    Posts:
    28
    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.
     
    Jenni__, 2nd Aug, 2010
    #3
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