Tax Office targets slice of banking scandal compensation payments
Customers caught in the multibillion-dollar rip-offs laid bare at the banking royal commission have been warned compensation payments could trigger tax bills and require the refiling of several years of tax returns.
As the estimates for compensation owed to consumers from the nation’s biggest financial institutions stretches beyond $6 billion, advice from the Australian Taxation Office states taxpayers need to ensure the payments do not trigger fresh liabilities.
Read more at SMH.
