Hi everyone,
This really applies to people who are being treated for cancer rather than those who have made it through and returning back to work, but this seems to be the only forum dealing with finances.
While I was being treated for my gastro-oesophageal cancer last year through to the beginning of this year, I was able to claim on my income protection insurance. What a relief, but it wasn't all easy.
Firstly, my insurance company lost my claim forms. They did find them eventually - it just caused a delay in payments to me which caused a bit of a cashflow problem. The claim forms themselves are designed more for people with an injury rather than an ongoing condition such as cancer. I managed to get by with getting the oncologist to complee the medical practitioner part of the forms and I simply didn't bother to fill out my part.
Now for the gotcha. I'm not sure if this is the way that all insurance companies work, but mine doesn't deduct tax nor superannuation guarantee components from the payments. They leave that up to you. Of course, going through surgeries and chemo treatments tends to take priority and tax and super tend to get forgotten, until the end of the financial year. Which is why I started worrying about this over the past few weeks. When I asked my insurance company about tax and superannuation implications, they suggested that I wspeak to an accountant. Thanks, NOT!
It is not hard to make the super guarantee payments, but it is a bit of a trick to work out how much to pay. Once you have done your sums, contact your super fund and they can tell you the account details and the reference number codes to use to deposit the money. Then there are a couple of forms from the ATO that you have to submit to your super fund so that it is treated as super guarantee contributions and not non-concessional (after tax) contributions. Your accountant will be able to help with calculations and what forms to complete.
I will still ahve a tax bill for this year, but I will deal with that when it comes in.
Best wishes to all of you in your individual journeys.
Rick
If something doesn't seem quite right, do something about it before it ends up being too late!
