Personal injury proceeds
You may contribute amounts from a court approved settlement or court order, or a lump sum workers compensation payment that arises as a result of your permanent incapacity. Strict timeframes and conditions apply for such payments to qualify as a personal injury proceeds payment. If the conditions are met, these contributions can be excluded from the non-concessional contributions cap.
Broadly, the amount must be contributed to your account within the later of 90 days of either the day you received the payment, the day the relevant agreement was entered into, or the day the order was made. Your permanent incapacity must be verified by two medical practitioners and you must notify us either before or at the time of making the contribution that the contribution is being made under this provision. We recommend you consult your adviser when contributing personal injury proceeds.
To have the contribution treated as a personal injury proceeds payment, you must notify us using the applicable ATO form either before or at the time of making the contribution, i.e. not after. These contributions are subject to the contribution eligibility rules.
