Hi,
From the 1st of July 2015, I have been unable to work due to a medical condition. After 3 months when I was advised by my doctor that I would not be able to return to work, I contacted the Child Support Agency to reduce my estimated income.
As such, the child support I received increased. I have now been advised that my TPD insurance claim (as part of my superannuation) has been accepted and I am due to receive a lump sum payout inclusive of my current super amount.
Will I be paying taxes on my TPD portion and so I assume some of it must be classed now as income?
My question is, will I have to pay back any child support because of this?
We currently have a private arrangement for child support whereby he pays me directly the amount advised by the child support agency. At this point, I am unsure as to when I will receive this payment and have been quoted that it could take 3 weeks to 3 months? Also not sure if I receive payment after this financial year would that make any difference to any amounts I need to pay back in Child support?
Many thanks
From the 1st of July 2015, I have been unable to work due to a medical condition. After 3 months when I was advised by my doctor that I would not be able to return to work, I contacted the Child Support Agency to reduce my estimated income.
As such, the child support I received increased. I have now been advised that my TPD insurance claim (as part of my superannuation) has been accepted and I am due to receive a lump sum payout inclusive of my current super amount.
Will I be paying taxes on my TPD portion and so I assume some of it must be classed now as income?
My question is, will I have to pay back any child support because of this?
We currently have a private arrangement for child support whereby he pays me directly the amount advised by the child support agency. At this point, I am unsure as to when I will receive this payment and have been quoted that it could take 3 weeks to 3 months? Also not sure if I receive payment after this financial year would that make any difference to any amounts I need to pay back in Child support?
Many thanks