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| I think you just need to reinterate what the dr's are going to write. I "think" I wrote. " I am morbidly obese, with a BMI of 41.5. I have recently tested positive for insulin resistance with raising glucose levels which is a pre indicator of type 2 diabetes, my blood pressure is also on the rise. I have family history of diabetes,blood pressure,heart and kidney problems. I do not want to have these life threatening health problems and th lapband will enable me to loose weight to avoid this." Hope that helps. My approval was issued from APRA in about 5 days Good luck cheers Tarnya http://tarns-lapband-story.blogspot.com/ |
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| Hey Can anyone tell me if/what they put for question 38 in the APRA application? The question is "Give any other details about why you believe you satisfy the grounds for early release of your super funds" Do I need to write something there or are the letters from the doctors enough? Angie |
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| bu*mp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| it depends on the components and her age - remember this is super so if withdrawn before preservation age it is very different. but it will all be calculated accurately on our income tax return. Download 2006 etax and input figures and you will get an idea what will happen | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| yes my sister-in-law has. we looked at it today in fact. when you look at the taxpack it talks about reasonable benefit limits (RBL) and if your ETPs exceed what your lifetime entitlement is then the ATO will contact you and let you know and that is when you pay more tax. in fact when we checked it thoroughly (she has 3 ETPs for this tax year) too much tax was taken out and she will get a good refund. Louise |
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| has anyone received an ETP summary when receiving money from super??? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| but you will also be able to claim all out of pocket medical expenses as an offset on tax payable. e.g. if you pay 10000 for your op and any othner medical during the financial year you can claim 20% of expenses as an offset. |
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| well this info is contrary to what the ato told me just today when i called to double-check. they said it is not counted as income. maybe it's because it is used for medical reasons. i don't know anymore. i guess we'll all find out soon enough as tax time is looming. Louise |
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| That is a (expeletive) as I do earn more than $40 000 and I got $13 500 out. My student loan repayments and tax bill are going to be astronomical. I wonder if I can appeal my re-payment threshold. Anyway, I shall have to worry about this later as am getting banded tomorrow. I probably would have made the same decision even if I had known but it will be really useful for others. Now I'm a bit worried that my employer hasn't taken out enough tax all year to cover it eeeeeeeeeek! | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| lauren he will have to declare it as taxable income though yes it has already has tax taken out but that all needs to work into your income tax return.. super withdrawal will also effect centrelink payments |
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| i work for H and r block and guys you do have to declare this as taxable income- yes you have already paid tac on it but if you earn day 40000 and are on 30c in the dollar for tax - super only takes out 21.5 c in tax per dollar. so you may end up with a bill or reduced refund. so if you nromally are on 40000 a year and take 10000 out in super your declarable income is 50000 Super will send you and ETP summary and that is declarable income SORRY! i have taken out super for other reasons before and this is the case. |
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| Thanks Lauren, I don't have to ring them now as that's just what I wanted to know.:-) I came up about $1200 short (have no insurance). No probs though, was able to cover the rest. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| give the taxation department a call if u have any queries! my hubby rang them cos he was scared that the $12,000 we applied for would go against his taxable income,they said they dont tax u twice,your super fund holds onto the "tax Money" they pay it,so when u apply to APRA make sure your put down the net amount eg. i applied for $12,000NET they will work out the rest! regards lauren |
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| Ah yes, I found that clause too but forgot about it. I'm sure it will be fine. It doesn't seem logical that they added to taxable income after it has been taxed. I might download e-tax and do a trial. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| tyrlair i've applied to access my husband's super for the gap payment (we have private health insurance). the ato website when talking about people who illegally gain early access to their super (there are some scams) suffer a penalty, the penalty being that the amount they access will be included as income in a tax return. it goes on to say the amount will be fully assessed at the individual's marginal tax rate plus medicare levy. although it doesn't say so it would have to follow then that those who gain early release to funds legally pay the 21.5% tax and that's the end of it. i hope so because we can't afford for it to be added to income either. hope this eases your mind a little. Louise |
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| I admit that I am still confused about the tax issues. The ATO website doesn't seem to have any info. I don't have an accountant as I usually prepare my own tax return. I was paid last week. The super fund has already taken the 21.5% out and (I assume) have paid it to the ATO. They sent me a payment summary. Therefore it has been taxed. I don't think it will have to be added to my taxable income and taxed twice. Am I wrong about that. I guess it *is* income. I'm sure you have to declare it but I hope it doesn't b ump me up to a higher tax bracket. If it is added to my taxable income, I will be in big, big trouble in regards to student loan repayments etc. In fact, I don't know what I'll do if that's the case. Has anyone done this last year? How does it work? |
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| Hi Ginny - Thanks for that - I should have looked a bit further on, sorry! Krissy :-) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| b u m p | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hi i got my gap fee from my super lucrf i told them i wanted the net amount so after tax which was $3000 si i paid $800 in tax so took out 3800 had to apply from apra first you can get the form of the net to fill out took about 2 weeks for the whole thing |
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| tax is about 21.5% also are people aware you have to declare the amount you recieve on your tax return? |
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| I'm applying for my supa as well and didn't think about the tax side of it. I too would be interested if anyone knows the answer to this question? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hi Krissy I did the same as you want to applied for my super to cover the gap the health fund doesnt pay, if you read back through the thread I posted every stage from start to finish, I hope that might be some help to you Ginny |
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| For people who have have had their super released... how much went in tax??? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thanks heaps .... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| hi you may have to apply to apra first before going straight to your fund, you will find the form you need for early release of your super fund on apra .gov .au after they approve it you will need to get more forms from your super mob fill them out and send it together with apras ok form to your super fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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