How to save money with your Superannuation TPD claim
A total and permanent disability (TPD) claim enables you to a compensation of a lump sum if you have experienced an illness or injury that inhibits you from returning to work. Though, once a TPD claim has been approved through Superannuation, the vast majority of members withdraw the bulk or their entire superannuation balance. This may result in a member paying thousands of dollars in tax. There are simple strategies that can be implemented to make the most of any TPD claim, particularly minimising tax payments and maximising other benefit entitlements e.g. Centrelink.
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