lump sum

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity).The United States Department of Housing and Urban Development distinguishes between "price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown.In 1911, American union leaders including Samuel Gompers of the American Federation of Labor expressed opposition to lump sums being awarded to their members pursuant to a new workers compensation law, saying that when they received lump sums rather than periodic payments the risk of them squandering the money was greater.The Financial Times reported in July 2011 that research by Prudential had found that 79% of polled pensioners collecting a company or private pension that year took a lump sum at their retirement, as compared to 76% in 2008. Prudential was of the view that for many retirees, a lump sum at the time of retirement was the most tax efficient option. However, Prudential's head of business development, Vince Smith Hughes, said "some pensioners are beginning to regret the way they used the tax-free cash. The days of buying a shiny new car or going on a once-in-a-lifetime holiday may be gone."

View More On Wikipedia.org
  1. S

    VIC Spousal Maintenance in the Final Orders?

    I'm about to settle financially with my ex. We have finally come to a property settlement agreement with a week to go until trial. In the order (drawn up by the other side), they've included a paragraph for spousal maintenance. I did not seek spousal maintenance, although it was mentioned in...
  2. S

    QLD Lawyer Ripping Us Off - What to Do?

    Hi, There we used a not for profit lawyer to finalise our family law parenting orders. We paid $1000 into their trust account and went to court once and then did consent orders that we wrote ourselves. The other party signed, we then went back three months later for one 30 minute meeting to...
  3. S

    NSW Is Centrelink owed anything after receipt of Lump sum back pay

    I recently received a lump sum back payment for child support AFTER my youngest turned 18 and all Family Benefit payments ceased. Do I now owe Centrelink as I received full benefits for nearly 9 years as I wasn't receiving any child support during that time?
  4. K

    QLD Lump Sum on Commission Tax - Get it Back Paid?

    Hi, I am an employee and get paid fortnightly. My commission has been approved for Jan and Feb, but because they only approved it after 4 fortnightly pays, my commission is now pretty high. That means I would get taxed high on that lump sum. Is it more beneficial for me to get it back paid...
  5. MarineFerry

    NSW Guitar Value Calculated by Lump Sum by Moving Insurance?

    My guitar (replacement value US$ 400) got damaged during relocation and the moving insurance is now only willing to pay for US$ 121 referring to the guitar's size of approx. 1.5 cu ft. On my request to cover the full amount, they quoted their T&C: "Lump sum policy requires you to list out...
  6. J

    WA Letter of Demand - WIll Insurance Company Negotiate Settlement Costs?

    I was involved in a car accident, where I was at fault, and I was driving a vehicle that had no car insurance. The other people had car insurance and have since been paid out due to their car being deemed a "Statutory write-off". We've received a letter of demand from the insurance company for...
  7. C

    VIC Ex Applying to Child Support for Orthodontic Treatment?

    I am currently not working due to recent major heart surgery. My ex-partner is aware of this and has decided now that she will organise our son's orthodontic treatment (this has been on the cards for 12 years). Previously, I had been happy to pay my portion should she provide a detailed quote...
  8. S

    TAS How to Avoid Getting Charged for Centrelink Fraud?

    Hello, I am being investigated for Centrelink fraud because I had deliberately under-declared my income for a number of years. I am pretty sure my debt is going to be around $40000, if not a bit more. Is there any way possible to avoid being charged? If I make a large lump sum payment of...
  9. S

    QLD Will I Need to Pay Back Child Support?

    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...
  10. oceanearth

    QLD Should I Claim Deduction on Superannuation Contribution?

    I'm a small business owner but my income is designated as personal services income. I have an arrangement with the ATO to settle my tax at the end of each tax year. This year my income will be around $32,000 taxable, so I'm eligible for full pre-tax and after-tax co-contributions. I'm about to...