On DSP due to having to take medical retirement at 60. I witnessed a catastrophically severe EOL incident occur at my property, May 2022 (Due to a 11500 Litre, sealed/gravity fed water tank (fed by bore) that stood 8 M above bathhouse/ pool pump-house, carport/laundry/ damage to car and all power-stations for the property) started to leak then split, tipped on tank stand and caused structure to collapse) destroying 'everything' below. Water supply/bore/pumps/ buildings and structures which had stood below it PLUS all electrical services and items eg; smart meter box/solar system + inverter and battery/ pool pumps and filters damaged/ power boards and underground wiring and plumbing requiring re-install. (excavation costs, putting in new bore etc) Plus all costs around, 'Demolition and removal of debris'.
Suncorp appointed Insurance builders assessed as 'Total Loss' and requiring total replacement rebuild/installation for all water-damaged buildings and infrastructure of: Bathhouse/patio/laundry/carport and all 'contents items' as everything 'flattened' by the collapse. Insurance decided to not accept EOL claim as stating it was due to an 'Impact' event. Refused to pay any part of re-building under 'building insurance' and only paid 'selective contents'. Resulted in my having to use 'all of my 'Super', 'savings' and 'second mortgage' my property to rebuild essential items. Am fighting this with AFCA.
Where does this leave me 'TAX' wise?
Do I get taxed on costs of repairs? (over 160K) What can I claim and what can I do now?
Property 'for Sale' as only way to settle my debts. HUGE FINANCIAL LOSS! Only income is DSP as having to work on the property 7 days a week to enable sale. ANY HELP or sound advice as how to handle my 'Tax' would be greatly appreciated.
Thank you L
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