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Disability Super Benefit TPD Withdrawal

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Hello, 
Seems I have a complex question, I hope someone here can help. 

I've become permanently disabled through an injury and my TPD payout is now in my Super.
I want to withdraw this and have been provided with a quote. The issue I have is the quote does not included the disability super benefit formula. 

I'm going to put all the numbers here because I have been trying for weeks to find answers and not one Financial Advisor or Super Representative has been able to give me a clear answer on how much the taxable amount is. 

 

Account Balance: $17000
Insurance: $50000 (was 200k but super amended this the same year as my injury - PSA: ALWAYS check your statements)
Total: $67000


Disability Super Benefit:

Amount of benefit x days to retirement / (service + days to retirement)
Amount of benefit: $67000
Days to retirement: 12200

Service Days: 900


I am way under preservation age. 
I want to ensure my super doesnt cheat me, and that they are operating within the ATO guidelines. Please can someone help me with the maths.
What is my taxable component? 

What is the Tax free element? 


Regards
Em


 

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Replies 0

Hi @Em35,

 

Thank you for reaching out to us. I'm sorry to hear of the serious nature of your inquiry. Hopefully you and your family are keeping safe and well during these trying times. 

 

With the TPD what is looked at is the taxable components. Your super fund will be able to advise you on the amounts relating to each one. You can then check a previous response we have given about TPD's and tax calculations

 

Hope this helps.

 

Regards,

Jodie2.

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Hi @Em35,

 

Thank you for reaching out to us. I'm sorry to hear of the serious nature of your inquiry. Hopefully you and your family are keeping safe and well during these trying times. 

 

With the TPD what is looked at is the taxable components. Your super fund will be able to advise you on the amounts relating to each one. You can then check a previous response we have given about TPD's and tax calculations

 

Hope this helps.

 

Regards,

Jodie2.