The Personal Injury Lawyers

Is My Compensation Payment Taxable?

You may receive a large sum of compensation or damages for your injury. But is it taxable? Read on or chat FREE with a lawyer now.

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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.


Is income made from My claim payment taxable income?

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. 

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'.


What if I 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.


No Win No Fee Guaranteed, Plus It Pays For Your Injury Expenses

You have nothing to lose with our no win no fee guarantee and it will help pay for your medical and other expenses upfront. If you don't achieve any compensation payment for your claim, then you are not liable to pay our professional fees.

How much compensation Will I get for my Personal injury Claim?

In three simple steps, get a basic indication of how much compensation you may be due for an injury. Try our Compensation Calculator now and work out how much you may be able to claim.

 Strict Time Limits Apply To Claims In Queensland

There is only a small window in which you can make compensation claims in Queensland, so waiting too long can mean you will not be able to get compensation at all.

Sadly many come to us and leave it too late, losing out on help for rehabilitation, medication, to compensate for time off work and care, so please don't wait.

If you have been injured as a result of any vehicle such as carbike or boat accident, whilst at work, on holiday, or in many other situations you believe was caused by someone else's wrongful act or negligence, you may be entitled to compensation.

Even if you think your actions may have contributed to your injury, you may still have a claim well-worth pursuing, just chat, call, email, or let us assess your claim, just press the button below, there is no cost, and no obligation to review your case.

 Frequently Asked Questions

Looking for more? View all our Frequently Asked Questions. Remember if you have a question it's free and you under no obligation to chat with our Lawyers online, by phone or email. Better to answer that question and know than it go unanswered. Contact us today.