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.

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Last modified: 21 Sep 2016QC 21526