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Is my compensation or damages payment taxable?

No, your compensation and damages settlement payment or award is not taxable. This means that you are not required to disclose your compensation or damages payment achieved from your personal injury claim, in your tax return when lodging it with the Australian Taxation Office. 

In saying this however, if you use your settlement monies or damages award to earn income after it is received by you, then you are required to declare that income in your taxation return. Any income made from your claim payment is taxable income.

For example, if you receive your compensation payment at the conclusion of your personal injury claim and you use your settlement funds to start up your own business as a courier driver, then any income you make from the courier  business is taxable income that you must declare in your taxation return and to the 'Taxman'. 

Similarly, if you place your settlement monies into a bank account so it will earn you interest, again the interest earned is income and it will need to be declared in your taxation return when lodging it with the Australian Taxation Office.

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