TPD withdrawl and income

Question

 · Accepted Answer

AlliATO · Answer

No, the TPD payout going into your super fund is not classed as a taxable income and has no tax implications when deposited into your fund. When you withdraw all or part of the payout before meeting preservation age it's subject to the superannuation lump sum withdrawal tax. When you lodge your tax return in the year you've done the withdrawal we will work out if you have been taxed correctly. Any amount withheld above your actual tax obligation would raise a credit.

Explore tax & super topicsExplore tax & super topics

About usAbout us