Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 54-45 54-45 Personal injury lump sum exemption for injured person
A payment of a *personal injury lump sum that is made to the *injured person is exempt from income tax if:
(a) there is at least one *personal injury annuity (provided under the same *structured settlement or *structured order) that satisfies the conditions in Subdivision 54-B ; and
(b) the other conditions in this Subdivision are satisfied.
Note:
Section 54-70 provides a tax exemption if the payment is instead made to the trustee of a trust.
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