Need financial advisor, I'm in Vic

Need financial advisor, I'm in Vic
Issues about property, TPD, compensation, etc

 

Property is not a financial product so not financial advice, but some planners can advise on it.

I suggest you consider someone from the Dover Group - not owned by the banks.

 

Do you provide paid financial advise or planning?

 

What kind of issues about property?

 

No issues about property, tax advise

 

Do you have someone in mind?

 

Hi there

Very brief....TPD, compo and property - well I deal with that all day.

You can do two things - give a brief here and people will try to answer (generally not personal advice) or speak to an adviser and obtain personal advice. I can help you and am licensed to do so but don't really want to pump my quals here...

Cheers Ivan

 

How can I get TPD minimizing my tax payable on it's payout? I have about 30 years to retirement.

Does negative gearing on properties reduce the tax payable on TPD?

There will be a work cover compensation hearing next year and they might back pay for 2 years. How does this affect my tax regards to TPD?

 

Please help to answer as best as you can and then I can find tune and ask more specific question to the personal tax advisor

 

TPD claims are either paid as a lump sum or a income stream and sometimes both. Depends on policy. You may even have more than one insurer and not know it. eg Super etc. POlicy definitions require review - Some cheaper group policies have stricter clauses than personal policies. Both lump and income streams may be taxed differently. Depends on policy. Some policies will continue to pay super and other benefits too. I would focus on achieving a claim and the tax will become evident. TPD claims are often refused and then reconsidered when supported by evidence of a valid claim. For this reason a financial adviser who is good with such claims would be my recommendation as a start point.

 

The problem with TPD insurance is that if the policy is held inside your super (which it normally is), then you are getting a payout from super before you are deceased, and also potentially before you are of retirement age. This can lead to the payout being taxed at the highest marginal rate (47% or whatever it is these days). Perhaps discuss with your advisor whether you prefer your TPD to be held outside super. Also discuss the suitability of an "own occupation" add-on. For instance, let's say you're a construction engineer and you acquire a brain or physical injury that means you can no longer perform that job, but you could still do some other job that requires less skills and provides less pay. Without an own-occupation add-on to your policy, your insurer may refuse to pay out because you can still work "in some kind of job... not necessarily the kind of job you had... but you can still work in SOMETHING".

Macquarie previously offered an own-occupation add-on but I believe they've been bought out by Zurich, but I'm sure most of the insurers can offer such an add-on if you ask around.

 

Any financial advisor to recommend?

 

I'm in the mid of getting TPD payout. How do I minimize the tax payable, left 20 years to retirement.

 

Speak to a tax agent. planners cannot advise on the tax asepcts, unless they are also registered tax agents (or lawyers)

 

No, I am no longer licenced to give financial advice. But used to be through Dover and they are the only group that I would trust. Every statement of advice is reviewed by their legal team so you would be covered by 2 sets of professional indemnity insurances.

 

I called up Dover and they referred me to mc masters.

Mc masters told me they can't give once off advise

 

You might have to find someone else then.

 

Interesting @Terry_w , thanks. Are Dover advisers to other advisers, or do they provide services at the retail level?

 

They are an AFSL licence holder and the have authorised sub holders. You can deal with these authorised reps or I think yu can deal with Dover direct. All their reps have to get their advise signed off by their head office which includes their legal arm and their financial planning arm. They also operate a tax agent company called McMasters and can give tax advice.

 

Bump. Not needing, but am interested (ie: How is our finance arrangement doing. Shares, cash, property).