Compensation payment - UK to Oz
Oct 13th 2006, 10:07 pm
#1
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Compensation payment - UK to Oz
Can anyone offer any advice/or have any knowledge of how it works?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
Oct 14th 2006, 4:57 am
#2
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Re: Compensation payment - UK to Oz
Originally Posted by sasbear
Can anyone offer any advice/or have any knowledge of how it works?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
bump
Oct 14th 2006, 6:16 am
#3
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Re: Compensation payment - UK to Oz
Totally a layperson's view here, but I would have thought you ought to declare it. One wonders if the Australian tax authorities would need to know about it if it were paid into a UK bank account............
Oct 14th 2006, 6:17 am
#4
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Re: Compensation payment - UK to Oz
Originally Posted by sasbear
Can anyone offer any advice/or have any knowledge of how it works?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
Sorry, cant help. Have you had a look on the tax office website? I wouldn't have thought that it would be taxable ...... it's not earned or unearned income - presuming that it is for "damages" or "feelings" but dont know.
Oct 14th 2006, 6:21 am
#5
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Re: Compensation payment - UK to Oz
Originally Posted by sasbear
Can anyone offer any advice/or have any knowledge of how it works?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
My oh is due (hopefully) to receive compensation from an accident almost 3 years ago when he was in the UK. The solicitor (in the UK) has continued working with the case since we have been in Oz and medical reports have been obtained by a professor in Sydney.
I wondered if the compensation $$$$ has to be declared on tax returns? Is it an income as such?
Oct 14th 2006, 6:24 am
#6
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Re: Compensation payment - UK to Oz
Wouldn't think you'd have to declare it. Lottery wins aren't taxed and would say that compensation payouts are treated the same way. You do pay tax on income you receive when you invest the money. 
Oct 14th 2006, 9:27 pm
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Re: Compensation payment - UK to Oz
Originally Posted by Gibbo
Wouldn't think you'd have to declare it. Lottery wins aren't taxed and would say that compensation payouts are treated the same way. You do pay tax on income you receive when you invest the money.
