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Workers Compensation and CSA

Workers Compensation and CSA

I have received injuries in my industry that has left me unable to continue working in my industry. I have started a compensation case with the insurer.

I have 2 choices of payment, 1; a lump sum or 2 weekly payments until i am 65. I am currently 45.

I understand if I take the weekly payments, it will be a simple 'change of assessment'

My question is if I take a lump sum, can CSA take a percentage of that? And if so, what percentage will they seek to take?

Last edit: by Secretary SPCA

You should be thinking about the tax implications with lump sum v's fortnightly payments also. You could lose a lot in tax if taken  as a lump sum as well as a chunk from child support for one year. You could put an income estimate in as soon as the lump sum/tax return has been assessed to bring the assessment back to a normal level. If you don't have any other income streams then maybe take it as fortnightly payments. If you have a mortgage then maybe best to take the lump sum and pay into mortgage, or into super if you do have other income etc…. If you are on centrelink you will still have to pay $20 a week in child support. I don't know anything about your situation but I would put as much of the lump sum as possible into super and retrain for another profession and live off centrelink whilst doing so.
Good luck.
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