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May 2021 Tax Round Up - Tax treatment of insurance payouts

by Knowledge Shop Editor, on 31/05/21 17:25

The outcome of an insurance payout case before the AAT that has left tax advisers scratching their heads.

Members, download the full May 2021 Tax Round Up (login first) from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take an online tour.


Join Michael Carruthers (Tax Director, Knowledge Shop), Matthew Tse (Tax Adviser, Knowledge Sop) and Lisa Armstrong (MD, Knowledge Shop), for just the juicy bits for accountants and advisers:

  • The incoming client verification standard for tax practitioners driven by the spike in identity theft and scams that practitioners will need to implement.
  • Budget 2021-22 – the key tax measures and their impact
  • Insurance payments and repair costs for a rental property – the outcome of a case on the tax treatment of an insurance payment for flood and storm damage to a rental property and whether it should be taxed in the hands of the taxpayer under the assessable recoupment rules. - Dessent v FC of T [2021] AATA 1206.

Company Tax Online Workshop with Jo-anne Hotston

 

Topics:Tax Round Up

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