Personal injury lawyers and their clients need to be aware of special personal injury superannuation contribution rules.
These rules allow people receiving personal injury payments to contribute those funds into superannuation without reference to the usual contribution caps and limits.
But personal injury contributions must be made strictly within 90 days of receipt.
This is a very important opportunity for plaintiffs whose injuries mean that they are unlikely to work, or at least are unlikely to return to the work for which they are skilled, trained and experienced.
Such people are able to convert their funds in superannuation into a tax-free income stream.
So don’t delay in referring your client if they are unlikely to return to their previous job. Or call direct if you have just received a settlement and feel that this opportunity may be open to you.
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