I’m 39 yers old and have applied and been granted total permanent disability insurance payout from my super fund.
I would like to know how much I will get taxed if I withdraw in 1 lump sum. This amount is sitting in my super account ATM as a taxed amount? Does this amount of I withdraw get put down as table income at tax time
I’ve helped someone previously from this forum understand what’s involved.
There’s quite a complicated calculation to determine what your taxable amount is versus your tax free - not something that can easily be answered on here.
There are also a couple of ‘tricks’ to lock in a higher tax free amount. It may or may not be too late for that.
Best you seek advice from an experienced financial adviser to help you through. There are a couple of us who post regularly on here who would be able to help.