INCOME TAX ASSESSMENT ACT 1997 - SECT 54.45 Personal injury lump sum exemption for injured person

INCOME TAX ASSESSMENT ACT 1997 - SECT 54.45

    A payment of a * personal injury lump sum that is made to the * injured person is exempt from income tax if:

  (a)   there is at least one * personal injury annuity (provided under the same * structured settlement or * structured order) that satisfies the conditions in Subdivision   54 - B; and

  (b)   the other conditions in this Subdivision are satisfied.

Note:   Section   54 - 70 provides a tax exemption if the payment is instead made to the trustee of a trust.