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Tax paid on TPD payout

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Newbie

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Hi just wondering if the huge amount of tax paid on my recent TPd claim is claimable at tax time ?
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ATO Certified Response

Community Support

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Hi @Rocorn57

 

Thanks for your post.

 

@Bruce4Tax is correct. Your super fund will issue you with a payment summary that details the amounts that you need to declare on your tax return including how much tax they withheld.

 

We have a couple of threads that you can check out that contain some helpful information and useful links. If you're wondering how we will work out your tax, the second thread has a detailed example of how we will calculate it. You can access them here:

 

Hope this helps.

 

Thanks, ChrisR

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Devotee Registered Tax Practitioner

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No tax deductions for income tax deducted from income, but the tax deducted is a credit that reduces tax assessed on your income tax return.

 

If you have already received the payment, then too late for this   https://www.lawyersalliance.com.au/opinion/how-to-protect-your-clients-tpd-money

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Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @Rocorn57

 

Thanks for your post.

 

@Bruce4Tax is correct. Your super fund will issue you with a payment summary that details the amounts that you need to declare on your tax return including how much tax they withheld.

 

We have a couple of threads that you can check out that contain some helpful information and useful links. If you're wondering how we will work out your tax, the second thread has a detailed example of how we will calculate it. You can access them here:

 

Hope this helps.

 

Thanks, ChrisR