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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME    View history reference

Division 54 - Exemption for certain payments made under structured settlements and structured orders    View history reference

Subdivision 54-C - Tax exemption for personal injury lump sums    View history reference

Operative provisions

SECTION 54-50  

54-50  Lump sum compensation would not have been assessable  

 View history reference
If the compensation or damages that were used to purchase the *personal injury lump sum had instead been paid to the *injured person on the *date of the settlement or order, the compensation or damages would not have been assessable income.

Note:

Paragraph 118-37(1)(b) disregards a capital gain or capital loss that arises from compensation or damages the injured person receives for any wrong he or she suffers personally.


 



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