Announcements
Have you sold crypto, shares or property? Our new capital gains tax guide has info about cost bases, calculations & more! Still got questions? Ask the Community!

ATO Community

TPD and Income Tax

Newbie

Views 340

Replies 1

Hi all , bit of a back story I received a TPD payout start of june and rolled the whole lot into a SMSF and did not keep any as income.

I started to do my Tax on the MyGov site today and saw  that  on my tax statment in Super income it showed I had received a extra $36k in  income and been taxed a extra $8k above my annual workcover payment . Taken me from $54k to $90k

Upon investigation I found the financial statement from VIctrust which shows the $36k was costs.

I sent this statment through to my SMSF accountant ( due to a failure by myself to forward it to him in July ) this morning with huge apologies , the question is can I delete the Super income section on MyTax return and include the relevent documents  ( I dont want or need any issues , got enough going on with Workcover ) or wait until my SMSF accountant sorts things out from his end and then lodge my tax.

This also explains why my daughter was knocked back on payments due to earning too high a income.

thanks in advanced

regards

Craig

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Craig2874M,

 

If you have received a TPD generally it is looked at for tax purposes. However if it has been rolled into your superfund it will be looked at for tax when you withdraw it. If your superfund released monies from your TPD to pay for costs then this amount will be looked at for tax. It sounds like they have taxed it in the first instance and if this is the case it will be reportable on your Individual tax return.

 

You will need to check with your fund to follow this up.

 

All the best

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Craig2874M,

 

If you have received a TPD generally it is looked at for tax purposes. However if it has been rolled into your superfund it will be looked at for tax when you withdraw it. If your superfund released monies from your TPD to pay for costs then this amount will be looked at for tax. It sounds like they have taxed it in the first instance and if this is the case it will be reportable on your Individual tax return.

 

You will need to check with your fund to follow this up.

 

All the best