Tax Implications of Out of Court Settlements and Insurance Claims 2017 (On Demand)
Overlooking the tax implications when settling a dispute or insurance claim can leave a party “out of pocket”.
This webinar considers the GST and income tax implications of out of court settlements and insurance claims, including:
- whether the settlement proceeds are subject to GST and/or income tax;
- timing, apportionment and deductibility issues; and
- structuring settlements to minimise adverse tax implications.
Case studies will be used to illustrate these tax issues.
- Understand the key principles to determine whether (and to what extent) out of court settlements and insurance claims are subject to income tax;
- Know when out of court settlements will have GST implications, along with the special rules that apply to insurance payments;
- Understand when GST and income tax needs to be accounted for, and whether related expenses are deductible;
- Learn how to structure settlements to minimise adverse tax implications.
Accountants, lawyers and others who advise clients on disputes, claims and insurance matters.
ORIGINAL BROADCAST DATE
2 November 2017
Stephen Tomlinson, Partner, Tomlinson Law
1.25 CPD hours
On Demand Event
Complete online in your own time (Self-paced)