Contribution Acceptance Resolution (Structured Settlement / Personal Injury)

The purpose of the Written Resolution is to accept a personal injury contribution made by or on behalf of a member of the Fund.

This resolution applies only to contributions made in respect of a member arising from an eligible personal injury payment received by the member.

Personal injury payments are either:

(a) a payment made under a written settlement agreement respect of a claim for damages for personal injury or a court order for such a claim; or

(b) a workers compensation payment taken as a lump sum.

Additionally, at least two legally qualified medical practitioners must have certified that because of the personal injury, it is unlikely that the member can ever be gainfully employed in a capacity for which the member was reasonably qualified because of education, training or experience.

If the payment was for compensation for personal injury and for other reasons, only that portion of the payment which relates to personal injury will qualify as a personal injury contribution.

This resolution is not suitable if any of the requirements listed in 2(a)-(b) and 3 are not satisfied.

This resolution is also not suitable for any other type of contributions, including concessional or non-concessional contributions, downsizer contributions or for rollovers or transfers.

This resolution can be used by both corporate and individual trustees. All trustees/directors must sign the resolution.

Where the member is not capable of signing the relevant form, the legal personal representative of the member may sign the form on behalf of the member.

Before the contribution is made:

(a) the trustee and member must ensure the member is entitled to elect that the contribution not be treated as a non concessional contribution: refer to section 292-95 of Income Tax Assessment Act 1997 (if necessary, the member should obtain professional advice to confirm this);

(b) the trustee and member must ensure the contribution is made within the requisite timeframe for contribution; and

(c) the member (or their legal personal representative) must provide the trustee with a signed and completed ATO NAT 71162 (Contributions for Personal Injury Election) at or before the time the contribution is made.

The relevant timeframe referred to in 9(b) is within 90 days of whichever of the following events occurs last:

(a) the day the personal injury payment is received;

(b) (if applicable) the day an agreement for settlement of personal injury claim was settled; or

(c) (if applicable) the day on which the court order for the personal injury payment was made.

After the resolution is signed:

(a) the resolution must be kept as part of the fund’s records; and

(b) the trustee must send an acknowledgement of receipt and classification of the contribution to the member (a template acknowledgement is attached to the resolution).

If the pre conditions set out in this checklist are not satisfied, the personal injury contribution will be treated as a non concessional contribution and will be subject to the non-concessional contribution caps.

Please note: the online order form provides a completed set of documents for one member only. If you would like to make an order for a second member please submit another set of instructions.