In a new update, the ATO has advised that any insurance payout received for a family home or main residence is not taxable, and therefore don’t have to be included as income in your tax return.
Read more at Nestegg.
The tax status of insured property payouts
The Australian Taxation Office has reiterated its stance on the taxable status of insurance payouts for family homes, rental properties, home businesses and personal property in the aftermath of the national bushfire crisis.
