I have recently been awarded a sum in pounds sterling by a British court as restitution benefits for being a victim in a criminal case of Identity Theft, Forgery, Wire Fraud, and other associated charges. This sum will be credited to a Swiss bank account in my name. My intention is to transfer the funds across to an Australian bank account. My question is whether this has to be declared in my tax return ? It appears that as it is not related to earning an income but rather compensation for being a victim of a criminal act, it will be tax exempt - but I can't find the definitive rule which would cover this ?
Many thanks
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