Tax treatment of insurance proceeds for destroyed assets
08 Sep 14 |
Issue: July 2014
Pages: pp 18-19
When an asset is unexpectedly destroyed, taxpayers are usually focused on maximising insurance entitlements under their policy and the tax treatment of the proceeds can be an afterthought. This article discusses how the insurance proceeds received will be treated for tax when an asset is destroyed. This will help taxpayers with options in determining how to best apply proceeds to their advantage. This article will run through a case study concerning a warehouse destroyed by fire.
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Clive is a Tax Partner with William Buck.
- Current at
09 June 2004