I was the at fault driver in an MVA and recieved from my Green Slip insurer $10k for 1 month I had taken sick leave after the accident.
They didnt require me to provide my TFN beacuse I was the at fault party. My wife on the other hand had to provide her TFN as she was receiving weekly payments.
So is the $10k payed to me classed as a declarable income on my return? I did ask the Green slip insurer and they said they wern't sure.
Hi @dundermifflin,
We'd need a bit more information to give a direct answer here.
In most instances, payments from accident, sickness or income protection policies or workers compensation schemes that compensate for loss of earnings do need to be declared as 'other income'.
But if your payment relates to one of the above policies where you're entitled to claim a tax deduction for the premiums, and the payments replace your income (if tax has already been withheld or you've already included them in your tax return), then the payout doesn't need to be included in your tax return.
Please reach out if you need more help with this :)
Hi @dundermifflin,
We'd need a bit more information to give a direct answer here.
In most instances, payments from accident, sickness or income protection policies or workers compensation schemes that compensate for loss of earnings do need to be declared as 'other income'.
But if your payment relates to one of the above policies where you're entitled to claim a tax deduction for the premiums, and the payments replace your income (if tax has already been withheld or you've already included them in your tax return), then the payout doesn't need to be included in your tax return.
Please reach out if you need more help with this :)
Hi Kylie.
The premiun is paid at registration as its compulsory.
I was paid sick leave by my employer.
Sounds like I need to declare this amount as not tax was witheld.
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