28 July 202010:22 AM - edited 28 July 202010:24 AM
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?