My wife recently received a TPD payout on a policy she has had for some 33 years.
All premiums were paid directly from her bank account and as such payment from the Insurance company was deposited directly into her bank account.
My understanding is that as it has nothing to do with her superannuation, this payment is not subject to tax.
She is presently 58 and preservation age for her is 59 but i do not think this is applicable as it only applies to superannuation.
Am I correct in this thinking?
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1,093 views
1 replies