PR 2012/25 – Professional sports person’s Temporary Total Disability Insurance proceeds included in his ordinary income [38]

The ATO on Wed 18.7.2012, issued Product Ruling PR 2012/25 (Beazley Sports Consortium 9476 – Professional Sports Person Personal Accident & Illness Insurance).

The Ruling provides that a Temporary Total Disablement Benefit received by the Insured in the event of their Temporary Total Disablement will be included in the assessable income of the Insured under s 6-5 of the ITAA 1997. It applies from Wed 18.7.2012 to 30 June 2015.

[LTN 137, 18/7]