INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 54 - Exemption for certain payments made under structured settlements and structured orders  

Subdivision 54-C - Tax exemption for personal injury lump sums  

Operative provisions

SECTION 54-45   54-45   Personal injury lump sum exemption for injured person  


A payment of a *personal injury lump sum that is made to the *injured person is exempt from income tax if:


(a) there is at least one *personal injury annuity (provided under the same *structured settlement or *structured order) that satisfies the conditions in Subdivision 54-B ; and


(b) the other conditions in this Subdivision are satisfied.

Note:

Section 54-70 provides a tax exemption if the payment is instead made to the trustee of a trust.


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