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.
We explain more further below and answer more of your questions…
Can I Get Car Accident Compensation
Use The Personal Injury Lawyers Compensation Claim Checker™ and quickly see if you may be able to make a compensation claim, in just 30 seconds or less.
No Win No Fee Guaranteed, Plus It Pays For Your Injury Expenses
✔ Our guarantee quickly pays for all outlays and associated claim expenses
✔ You get access to the help you need fast, and gets your rehabilitation underway
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.
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 will give you a fast overview of all the areas that you may claim for. Additionally underneath our calculator, see what others claimed in our compensation case studies
Frequently Asked Questions
- How much compensation will I receive for my injuries?
- How is past and future economic loss compensation calculated?
- What injury compensation or damages am I entitled to claim for?
- If I go back to work after my injury will this hurt my claim?
- When does my workers' compensation claim come to an end and what happens then?
- How can I find out quickly if I can make a compensation claim?
- What are emotional distress damages in personal injury cases?
- Are there time limits for bringing a claim for injury compensation in Queensland?
- How will my common law claim run and how long will it take?
- Is my compensation or damages payment taxable?
- What care and assistance can be claimed for in a personal injury claim in Queensland?
- Did you know that if you engage a domestic worker in your home, you could be liable to pay compensation if they are injured?
- What if I don't receive a 6% DPI in my Notice of Assessment but I want to sue my employer for my work injuries?
- What's the difference between workers' compensation claim & a common law claim for damages?
- What is a common law claim for damages for work injury in Queensland?
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
✔ Just press the button below, there is no cost, and no obligation to review your case