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03 Sep 14 Moneys received in settlement of damages claim assessable as capital gain - Coshott

The AAT has held that moneys received by the taxpayer in settlement of a damages claim against a third party were assessable as capital gain, as a result of the operation of s 104-25 ITAA 1997 (Cancellation, surrender and similar endings: CGT event C2).

The AAT rejected the taxpayer's submission that a broad principle applies "that damages by definition cannot be a capital gain since the purpose of damages is to return the plaintiff to his or her pre-damage position".

Coshott and FCT [2014] AATA 622 (AAT, Professor Deutsch DP, 2 September 2014).


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