The TPD Calculator above is your quick and easy tool to get an initial understanding of your potential eligibility for a TPD claim. If you’ve suffered a significant injury or illness that’s preventing you from working, our 30-second TPD calculator can provide immediate insight into whether you might be eligible for a lump sum payout.
To understand what you’re checking for, let’s briefly define what TPD is. TPD stands for total and permanent disability. In the world of insurance, this means a significant injury or illness that unfortunately prevents you from working in your usual occupation, or any other work you’re suited for.
If you are successful through the TPD claims process, a payout is usually a lump sum payment that serves as a lifeline for those unable to return to the workforce. It’s important to note that TPD compensation isn’t limited to physical injuries; it encompasses both physical and psychological impairments.
Whether your injury occurred recently or in the past, the eligibility for a TPD lump sum payout is determined by the severity and lasting impact of the impairment. Our team of dedicated TPD lawyers is here to guide you through the intricate process, ensuring that you understand your rights and receive the compensation you deserve. Simply use the 30-second permanent impairment TPD calculator above to see for yourself whether you are eligible to make a claim.
The eligibility criteria for TPD claims is calculated on:
Other factors like your eligible service date and superannuation account setup can also affect your ability to make a TPD claim. Learn more about the TPD claim process.
Unfortunately, as every claim is different, we are unable to provide a single average figure. What we can do, however, is discuss the details of your case and give you a clear understanding of what you may be owed.
Contact our lawyers today for a better understanding of your TPD situation.
It’s important to ensure that your TPD claim and any associated tax matters comply with the Australian Tax Office (ATO) guidelines. The tax payable for TPD claim payouts differs from case to case and usually depends on the type of benefit you’ve been awarded.
TPD superannuation fund
Most superannuation funds have a TPD policy, meaning if you are successful in your TPD claim, your lump sum will be paid into your superannuation fund as taxable income. You won’t need to worry about paying taxes on your TPD payout unless you withdraw funds from your super before reaching the preservation age. Currently, the preservation ages are 55 – 60, however, these ages differ depending on when you were born. When TPD insurance claims paid through a super fund are withdrawn early, they are generally taxed at a rate of up to 22%, though the exact effective withdrawal tax rate varies based on your situation
If you have more than one active superannuation policy, it’s also possible to claim multiple benefits. To determine whether claiming TPD from multiple superannuation funds is a viable option for you, speak to one of our lawyers.
Our TPD lawyers can assist you in determining whether and/or how much tax you will pay for your successful TPD claim.
Your TPD payment depends on the terms of your policy, the balance of your TPD funds, and any conditions in your superannuation account. If you have TPD cover through your super, the payout is usually made as a lump sum into your super fund. The final amount you receive depends on:
Our calculator gives you a tailored estimate based on these variables, helping you understand your potential TPD payout amount.
Your eligible service date (sometimes referred to as your account start date) is the date your superannuation account became active, or when your employer started contributing to it. This date is important because it affects how your TPD benefits are calculated, whether you qualify for a tax free component, and how much TPD tax you might pay.
TPD insurance payouts paid through super are taxed when withdrawn early. The tax calculation depends on your preservation age, any tax free uplift applied, and whether part of the benefit qualifies as a tax free component.
When making a TPD withdrawal, both the tax-free component and taxable component of your lump sum affect the tax payable. This is determined by the effective withdrawal tax rate, which may be up to 22% depending on your age and withdrawal conditions. Some or all of the payout may be considered taxable income for superannuation tax purposes.
Yes. If you have multiple TPD insurance policies or multiple superannuation funds, it’s possible to lodge multiple TPD claims and receive compensation from more than one source. We can advise on whether you’re eligible to claim multiple benefits.
While TPD insurance doesn’t directly cover medical expenses, the lump sum payout can be used for treatment costs, ongoing rehabilitation, or modifications to your home or car if needed.
That depends on your income, existing debts, and financial obligations. It’s worth checking how much TPD cover your superannuation fund provides – especially if you’re relying on default TPD cover, which may not be sufficient.
Our experienced TPD lawyers are here to guide you through the claims process. We’re here to help, whether you’re dealing with an insurance company, calculating potential TPD tax, or navigating multiple claims. We’ll ensure you understand your entitlements and give you clear advice at no cost or obligation.
Our experienced TPD lawyers will assist you throughout every stage of the TPD claim process. After completing the TPD calculator, our TPD team will get in touch to discuss your options – at no cost or obligation to you. We are here to give you advice and help you decide the next steps that you are willing to take.
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