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TAX IMPLICATIONS ON FAIRNESS FUND PAYMENTS

Jul 21, 2020 | Achievements, News

We are receiving further good news from those who received an allocation from the Fairness Fund and then paid tax as a result of the payment being considered income by the ATO. Our team has worked with affected individuals and the ATO for more than a year. We recently received notice that yet another one of our members has received a tax refund and in this case it amounts to $90,000!

Everyone has different circumstances. However, if you received a fairness fund payment, you paid income tax on that payment and you then left the industry because you no longer owned a licence or you ceased driving or operating – please seek advice from your accountant to review the tax implications of your fairness fund payment.

If you or your accountant have any queries please contact Linda De Melis from my team on Mbl: 0439 654 552

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