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AMP tax errors on TPD payouts

It has come to our attention that there may be a serious systemic error involving AMP Superannuation with the calculation of tax deductible on total and permanent disability (TPD) payouts.

The error seems to be in AMP using the incorrect calculation date from which the TPD payment was to be paid. In some cases, the calculation error was as much as $7,400 that was over-taxed.

An AMP spokesperson said to a member of the Australian Lawyers Alliance that this was human error and possibly not a one-off.

We understand AMP plan to review their paid out super/TPD claims for the last several months however we urge you that if you have received a superannuation or TPD payout from AMP that you seek financial advice to confirm that the correct tax has been calculated and deducted, and if there is an error, seek legal advice to recover the difference from AMP.

Should you require any assistance with AMP, or any other superannuation matter do not hesitate to contact one of our Ipswich superannuation lawyers on 13 58 28.