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Post by tasjo on May 13, 2018 18:01:18 GMT 7
Some super funds do not release on compassionate grounds
Also, severe financial hardship is usually determined by 26 consecutive weeks on a centrelink payment (not FTB or anything that isnt income tested) Or A default notice on your primary residence
Withdrawals on compassionate or harship grounds are taxed at 22%
Permanent Incapacity is different to release of super - its unpreserving your super on medical grounds and has a concessional tax rate (between 10-15%) if you are below preservation age
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Post by Banjo on May 13, 2018 19:17:42 GMT 7
Would the tax, or some of it, be refundable at the end of the financial year depending on other income?
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Post by tasjo on May 13, 2018 19:46:37 GMT 7
Would the tax, or some of it, be refundable at the end of the financial year depending on other income? With financial hardship and compassionate grounds yes I believe it is - the max withdrawal is $10k so the person withdrawing gets $7800. With permanent incapacity I cant recall if any of it was redunded but it was a lot lower to start with (I also did a large withdrawal which may also have affected any refund).
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Post by Trevros on May 14, 2018 7:18:06 GMT 7
I got a TPD off my super insurance and the entire amount that was taxed was refunded. To access the super I just needed two doctors to sign off on it but the insurance I had to see an insurance doctor which was pretty good since at the time I lived in a remote town so I had a flight there and back as well as accommodation in a pretty swanky motel paid for.
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Post by Banjo on May 14, 2018 7:40:42 GMT 7
I had a similar experience but just had to show I was on the DSP but it was a long time ago... 2002? Just interested to see if it had changed.
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Post by tasjo on May 14, 2018 9:20:30 GMT 7
TPD legislation has but I dont believe the taxation on withdrawals has... and the TPd process seems to vary massively depending on the insurer.
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