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  • Damaged or destroyed property

    If your personal use assets – such as your home or household goods – are damaged or destroyed in a disaster, there will generally be no tax consequences if you receive an insurance payout.

    However, if your income-producing assets are damaged or destroyed, you'll need to work out the correct tax treatment of insurance payouts you receive and your costs in rebuilding, repairing or replacing the assets.

    Protect yourself against rogue operators

    We know it’s important to get your property back to normal, but there are a few things to keep in mind to protect yourself:

    • Make sure the tradespeople you choose are genuine and licenced to do the work you’re asking them to do. The Australian Competition and Consumer CommissionExternal Link website has details of what to look out for.
    • Request a written contract or tax invoice and get a receipt for payment to protect against issues with insurance, warranties, consumer rights and government regulations.
    • Ensure any tax invoices you receive include the minimum requirements, particularly if you can claim GST credits.
    • Check that Australian business numbers (ABN) belong to a genuine business by using the ABN LookupExternal Link.

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    Last modified: 01 Sep 2017QC 21526