TPD assessment · tax and Centrelink advice
Before you sign the withdrawal form, know what it will cost you.
A TPD payout is often the largest sum of money someone will ever receive. The tax on the way out, the effect on your Centrelink payments and the order you do things in all matter. We check them before you commit.
Why it matters
A TPD payout usually arrives at one of the hardest points in someone’s life. Some of the decisions made in the first few weeks can’t be undone. A careful check before you sign is time well spent.
Get your payout checked
Talk to us before you act.
Book a time now, or leave your details and we’ll come back to you to arrange one. Most of the work is done by phone, so where you live doesn’t matter.
- Fee-for-service: we explain the cost before any work starts
- Done mostly by phone, anywhere in Australia
- We work alongside your personal injury lawyer
- Licensed through Boston Reed Pty Ltd (AFSL 225738)
- Offices in Melbourne and on the Gold Coast, clients Australia-wide
What happens next
Three steps, mostly by phone.
Book and send documents
Choose a time, then send your approval letter, super statements, Centrelink details and the withdrawal form.
We run the numbers
Tax, Centrelink and other impacts, calculated using your actual figures, account by account.
We walk you through it
A written report, a phone consultation to explain it, and help with the withdrawal form, paying legal fees and next steps.
Is this you?
A claim approved, or a payout on the way.
Approved and waiting
Your claim has been approved and the benefit is sitting in super, or about to be.
A withdrawal form in front of you
The fund has sent the paperwork and you’re not sure how much to take, or what tax will come out.
Receiving Centrelink
You’re on the Disability Support Pension, JobSeeker or Family Tax Benefit and don’t want a nasty surprise.
More than one super fund
You have several accounts and someone has suggested rolling them together.
What we check
The things that change how much you keep.
The tax-free uplift
Whether the fund has applied the TPD calculation correctly, account by account, and roughly what tax you’d pay on a withdrawal if you’re under 60.
Your eligible service dates
The start date the fund is using. A rollover can bring across an earlier date and increase the tax.
Whether to consolidate
If merging accounts would cost you tax, or cancel insurance on a claim that’s still open.
Centrelink
How your payment is likely to be treated depending on where the money goes: the mortgage, the bank, an income stream or spending.
Family Tax Benefit and child support
Whether the taxable part of a withdrawal flows into the income used for these assessments.
Lump sum or income stream
Taking it all, taking part and leaving the rest, or drawing a regular income. The trade-offs for your situation. If you receive a disability superannuation income stream before preservation age (now 60), you are generally entitled to a 15% tax offset on the taxed element. From 60, the taxed element is generally tax free.
What you get
A clear picture before you decide.
- A written report on your options
- A tax estimate for each super account
- Centrelink calculations where relevant
- Help completing the withdrawal form
- Further advice or referrals only if you want them
We work with TPD claimants across Australia and alongside their personal injury lawyers. The check is worth doing whatever the size of your payout.
Quick answers
Before you book.
Is my payout taxed when it goes into super?
No. Tax only arises when money is withdrawn, and generally only if you’re under 60. How the tax-free uplift works.
Do I have to take it all out?
No. You can usually leave some or all of it in super and withdraw later. Many people take what they need now and leave the rest invested.
Will it affect my Disability Support Pension?
The approval doesn’t. A withdrawal itself generally doesn’t either. It depends on what you do with the money, which is exactly what we model.
Do you lodge or dispute TPD claims?
No. That’s a job for a personal injury lawyer. We focus on the financial decisions once a claim is approved or about to be paid, and we’re happy to work alongside your lawyer. Read how TPD claims through super work.
Where are you based?
Melbourne and the Gold Coast, but most TPD assessments are done by phone, so location doesn’t matter.
Get your TPD payout checked before you act.
Book a time now, or leave your details and we’ll arrange one with you.
General advice only. This information does not take into account your objectives, financial situation or needs, so consider whether it is appropriate for you before acting. Tax and Centrelink outcomes depend on your circumstances and the rules at the time. Wealth Effect Group (CAR 424768) and Andre Dirckze (AR 395157) are Authorised Representatives of Boston Reed Pty Ltd, ABN 89 091 004 885, AFSL 225738. Accounting and tax services are provided by our referral partner Altiora Advisory, not by Wealth Effect Group. See our important information and Financial Services Guide.