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  • Property damaged or destroyed in a disaster

    If your personal property and assets are damaged or destroyed in a disaster such as bushfires, severe storms and floods you'll need to determine the tax treatment of any insurance payouts or relief payments you might receive.

    Personal property and assets such as your home or household goods that are damaged or destroyed in a disaster and any payments you receive will not generally have any tax consequences.

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

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    Last modified: 29 Jan 2020QC 21526