workcover weekly payment and changing to lumpsum payment loss of future income. if i move from weekly payments been on for 5 years to a lump sum singular payment how is the singular once off payment ( loss of future income ) taxed ?
Hi @mango,
A WorkCover lump sum payment for loss of future income is generally treated as ordinary income and taxed at your marginal tax rate in the year you receive it. This means the entire lump sum is added to your other income for that financial year, and tax is calculated based on your total taxable income.
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