Total and permanent disablement
with Anthony McDonnell of McDonnell Schroder
You may have heard the phrase “ total and permanent disablement ” ( TPD ) in relation to your superannuation . The TPD amount appears on your superannuation statement .
TPD is a form of life insurance which pays specific lump sums to a policy holder in the event the life insured suffers a total and permanent disability . There are other types of cover , for example : a ) life cover which pays a lump sum on the death of an insured life b ) trauma or illness – which pays a lump sum benefit in the event the life insured develops a terminal illness or seriously disabling condition c ) disability income or income protection which pays a monthly benefit usually either 75 per cent of the life insured ’ s usual income or
some lesser agreed amount if the life insured becomes totally disabled for employment .
In a superannuation fund , the fund takes out group insurance for its members . The insurance is taken out according to the individual funds trust deed . The trustee of the fund is the legal owner of the group life policy for its members .
The trustee of the fund therefore stands between the member and the insurer .
To qualify for a TPD lump sum the trustee and / or insurer must form the opinion that the member has become incapacitated for work by reference to criteria set out in the TPD definition in the policy directed to the member ’ s “ education , training and experience ” ( ETE ).
All members should regularly check their statements from their super fund to ascertain whether a member has such insurance coverage . For example , a member whether injured or through illness may be entitled to claim lump sum payments .
Contact with your solicitor is highly recommended so you understand your rights .
We offer your first consultation free in relation to TPD claims . Contact McDonnell Schroder on 9622 1155 .
This article is written in a general non-specific manner . Always contact your solicitor for specific legal advice .
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LAW & ORDER
Micro business - starting up in the digital age
with Kyriaki Theodoridis , Digital Age Lawyers
Over the past decade , we have seen an increase in the prevalence of small businesses commencing operations through numerous digital online platforms as opposed to the traditional shop front . Coupled with that has been the emergence of social media as a useful tool for advertising and marketing purposes . Financial benefits There are tremendous financial benefits in operating a business through a digital platform rather than a shopfront premises , such as :
1 . Less overhead costs in terms of rent , utilities and wages 2 . Reduced travel time to an office 3 . Somewhat flexible working hours , and 4 . Increased exposure to business through digital advertising . Business structures and operating models The use of digital platforms has led to micro businesses changing the way in which they operate , as well as their overall business structure .
However , this has led to a significant lack of compliance with the law surrounding these digital platforms leaving owners in a personal liability context .
Steps to protecting your assets ! So let ’ s take it back to basics . Set up your business with solid foundations that includes :
1 . Registration of your business name - this can be registered through the Australian Government ’ s Business Registration Service .
2 . Registration of a company - can be achieved through the Australian Securities and Investments Commission . Once the company is registered , transactions can be entered into in one ’ s capacity as director and secretary of the company instead of as a sole trader .
3 . Registration of a trademark - both individuals and companies can register a trademark through Intellectual Property Australia . A trademark is a form of intellectual property , comprising either a letter , number , logo , image , symbol , design , word , sound , movement , scent , shape or phrase or a combination of these which is used to distinguish the goods and services that your business sells in comparison to other businesses .
4 . The inclusion of terms and conditions and a privacy policy on your website are useful in clarifying the rights of your business relative to Australian Consumer Law . What should you do ? Through the increased prevalence and transition towards operating a business through a digital platform , it is important for micro businesses to ensure that they have set up and operate their business in compliance with the relevant laws and
We empower you to deal with future legal issues , so you are protected into the 22nd Century .
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Legal Strategy Session $ 275 + GST
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CALL TODAY regulations . Protecting your assets and limiting your liability are necessary in the current business environment .
You should not have to spend more than $ 3k with a reputable business lawyer to achieve these necessary protections and peace of mind . This work can be staged to match your cashflow so achieving compliance is relatively painless .
NB : Kyriaki Theodoridis is a solicitor under the supervision of Katherine Hawes , the Principal Solicitor of Digital Age Lawyers .
02 8858 3211
e : info @ digitalagelawyers . com s : digital . lawyers
www . digitalagelawyers . com
BLACKTOWN CITY INDEPENDENT theindependentmagazine . com . au ISSUE 14 // MAY 2022 15