Insurance payouts: are they taxable? (March 2020 Client Alert)

| Accounting

Some insurance payouts are taxable whilst others are tax-free. If you receive an insurance payout in relation to your business, rental property or work then you need to consider the tax consequences.

 

The tax consequences can include whether it is taxable as business income, replacement income, subject to capital gains tax and GST.

 

If you have received or are likely to receive an insurance payout, please contact us as soon as possible to understand the tax implications.

 

To see other March 2020 Client Alerts, go here.

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