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Published on 07 Oct 06
by VICTORIAN DIVISION, THE TAX INSTITUTE
Suppose a client is offered compensation either for his consent to the cancellation of valuable rights, or to settle a claim for personal injury or unfair discrimination. To deliver the best after tax outcome tax practitioners need to be aware of the possible pitfalls. This presentation considers a number of practical case studies exploring:
how damages, costs and pre and post judgement interest are taxed
when they are deductible on ordinary principles or under the new black hole expenditure provisions
when they are consideration for taxable supplies or give rise to an entitlement to an input tax credit
indemnities, damages for breach of warranty, reimbursements and liquidated damages clauses in contracts
difficulties arising when taxation of damages becomes an issue in the conduct of litigation.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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