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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.

HomeFAQ > Is my compensation or damages payment taxable?

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.

 

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✔  Our guarantee quickly pays for all outlays and associated claim expenses

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

✔  Our Compensation Calculator gives a basic indication how much compensation you may be due

✔  Three simple steps to get a fast overview of all the areas that you may claim for

✔  Underneath our calculator, see what others claimed in our  compensation case studies

 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.

✔  There is only a small window in which you can make compensation claims in Queensland

✔  Even if you think your actions may have contributed to your injury, you may still have a claim well-worth pursuing

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