My husband recently received a payout of $380,000 from a Total Permanent Disability (TPD) policy through his work's superannuation fund. He's a first responder. This payout included a mix of tax-free and taxable amounts, and the fund has already handled the tax. This happened in the current financial year (2023/24). His regular superannuation isn't with this fund.
He also got approved for a TPD payout and his super balance from his actual superannuation fund, which totals $195,000.
I'm curious if this second amount will also have a tax-free portion like the first TPD claim did. I'm wondering whether it's possible and advisable for him to claim both payouts in the same financial year. I'm also concerned about the tax consequences of receiving both the $380,000 and $195,000 payouts in one year.
My Husband receives weekly payments from a WC claim- so his taxable income from that will be around 100k.
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