Superannuation advice for TPD and other issues

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Sick_of_scams, 12th Jun, 2020.

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  1. Sick_of_scams

    Sick_of_scams Well-Known Member

    Joined:
    31st Mar, 2018
    Posts:
    121
    Location:
    Gold Coast
    Hello,

    I am medically retired with Total Permanent Disability (TPD) and was paid a Work Injury Damages settlement in 2016. Back then I (stupidly) cashed out my Superannuation under the TPD early access laws. That fund has been closed to new members.
    I set about trying to self invest to draw income streams.
    Now struggling to cope with all of this by myself, I am and looking at re-contributing back into a Super Fund that I opened an account with (Host Plus). I have had it open for 2 yrs just contributing $25k a year and used it last FYE to reduce my income tax liability.

    I received sound advice from one poster about since I have TPD status I could over a sequence of Financial years, deposit amounts back into Super.
    I intend to use Host Plus as an investment tool (Choice Plus) that allows investing into the equties markets.
    I have read that I could draw a pension from my Super as a result that would be subjected to income tax, since I am under retirement age, but at a lower tax rate possibly.
    In the future my status is likely to turn into non-resident status when I spend more time overseas to reside in cheaper countries.
    As such I am not sure if that would affect my tax rate on a pension received from my Super?
    Also since I was paid out TPD payment, I am of the belief that if I am able to work in some capacity again, that this should also not affect the ability to draw from my pension from my Super?

    I have a number of investments outside Super, but may consider consolidating all of them (property, P2P, shares, managed fund) and investing all of it into Super and perhaps invest in a number of ETFs, shares and the rest in the balance fund. And then just live off a pension. Can I determine how much I receive as well?

    Lots of questions I know. I called Host Plus as they offer a free financial advice service. But when I began explaining my situation he said I would need one of their 'Comprehensive Advisors' and the fee would be $2500 to $3000. That seems to be very expensive.
    Does anyone else know of any way to obtain complex advice from someone knowledgeable in Superannuation, TPD, non-resident issues?
    I am sure there are plenty of Aussie expats on disabilities living overseas drawing pensions from a Superannuation fund to live off as well, that needed similar tax advice.

    Thanks.
     
  2. pwnitat0r

    pwnitat0r Well-Known Member

    Joined:
    27th Nov, 2016
    Posts:
    323
    Location:
    Sydney
    Find a good tax agent. Be prepared to pay for their time though which will likely range between $200-400/hour.

    However, the money you spend upfront on sound advice can save you a lot of money later through best way to structure things and achieve the most effective way to minimise taxes.
     
  3. qak

    qak Well-Known Member

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    1st Jun, 2017
    Posts:
    1,664
    Location:
    Sydney
    I think $2500-3000 is cheap for what you are expecting advice on.
     
    Superman__ likes this.
  4. Sick_of_scams

    Sick_of_scams Well-Known Member

    Joined:
    31st Mar, 2018
    Posts:
    121
    Location:
    Gold Coast
    Thanks. At least I have an idea of sorts.
     
  5. Superman__

    Superman__ Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    350
    Location:
    Gold Coast, QLD
    Agree. Typically $3k - $4k for something of this level in my opinion.