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11 Apr 12 Assessability of legal costs incurred in disputes concerning termination of employment – TR 2012/D2

On 11 April 2012 the ATO released draft Taxation Ruling TR 2012/D2 entitled “Income tax: assessability of amounts received in respect of legal costs incurred in disputes concerning termination of employment”.

This draft ruling is about whether or not amounts received in respect of legal costs incurred in disputes concerning termination of employment can be included in assessable income either:

  • because they form part of an employment termination payment (ETP) within the meaning of s 82-130 ITAA 1997, or
  • as an assessable recoupment under s 20-20, where the legal costs are deductible under s 8-1.

The draft ruling does not consider the FBT or GST consequences of amounts received in respect of legal costs in disputes concerning termination of employment.

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