Compensation payments are often a once-off occurrence, so getting the right advice can make a significant difference to your financial position going forward.
For instance, there’s a special exemption that may allow you to contribute all (or part) of your payment into your superannuation where you can commence a tax free, fully accessible income stream without the risk of breaking the rules.
Ensuring you are eligible to take advantage of these rules before you act is paramount. The details in these rules can make a big difference and if not fully understood the resulting outcomes may place you in a worse position.