INCOME TAX ASSESSMENT ACT 1997 - SECT 54.50 Lump sum compensation would not have been assessable

INCOME TAX ASSESSMENT ACT 1997 - SECT 54.50

    If the compensation or damages that were used to purchase the * personal injury lump sum had instead been paid to the * injured person on the * date of the settlement or order, the compensation or damages would not have been assessable income.

Note:   Paragraph   118 - 37(1)(b) disregards a capital gain or capital loss that arises from compensation or damages the injured person receives for any wrong he or she suffers personally.