Daily Archives: January 5, 2017

TD 2016/18 – Redeemed South Australian workers compensation payments are assessable as a substitute for income

The ATO on Wed 23.11.2016, released Taxation Determination TD 2016/18, which states that a redemption payment as outlined is ordinary income of the worker and is assessable under s 6-5 of the ITAA 1997 in the income year which it is received. It was previously issued as Draft Taxation Determination TD 2016/D1 and is largely the same.…

Financial Advisers – Bill introduced to set professional standards for the industry – Amending the Corporations Act 2001

The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 was introduced on Wed 23.11.2016 in the House of Reps. It proposes to amend the Corporations Act 2001 to: set new education and training standards (education standards) in proposed new Div 8A of Pt 7.6 of the Corporations Act that must be met by individuals who…

Re Gupta and FCT – it was not enough that arrears workers compensation paid were paid ‘for the injury’ – rather it was paid for loss of income (rather than loss of income earning capacity)

The AAT has confirmed that a taxpayer who received  a lump sum payment of arrears of workers’ compensation was assessable on the amount as ordinary assessable income under s 6-5 of the ITAA 1997. The payment was made in respect of knee injury the taxpayer suffered at work and which later resulted in him having to…