Good 360
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  | 

Law Council Success for ‘Injured’


Monday, 1st October 2001 at 1:10 pm
Staff Reporter
The Law Council of Australia has welcomed the announcement by the Commonwealth Government that tax law will be amended to facilitate the use of "structured settlements" for people who receive damages for an injury.

Monday, 1st October 2001
at 1:10 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Law Council Success for ‘Injured’
Monday, 1st October 2001 at 1:10 pm

The Law Council of Australia has welcomed the announcement by the Commonwealth Government that tax law will be amended to facilitate the use of “structured settlements” for people who receive damages for an injury.

A structured settlement is one in which a damages award consists of a lump sum and periodic payments, rather than simply a lump sum as is currently standard in common law actions for damages for personal injury.

Presently, if payments were to be made periodically, then they may be subject to income tax. Under the changes that have been announced, it will be beyond doubt that periodic payments are free from income tax. The change will treat periodic payments similarly to lump sum payments.

The Law Council has been involved in this issue as a member of the Structured Settlements Group (“SSG”), an umbrella organisation of bodies, which has worked co-operatively to promote the acceptance of structured settlements.

The Law Council has been involved as a member of the SSG for several years.

Law Council President, Ms Anne Trimmer says its motivation in supporting this change is to better serve the interests of the community in caring for those who suffer catastrophic injury.



FEATURED SUPPLIERS


Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

...


HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

Yes we’re lawyers, but we do a lot more....

Moores

More Suppliers

Tags : Legislation,

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

SA Crossbenchers Take On Gambling Reform

Lina Caneva

Thursday, 28th July 2016 at 11:12 am

Disability Wage Assessment Legislation Passes

Lina Caneva

Tuesday, 16th June 2015 at 12:10 pm

Philanthropy Warning on Changes to Enviro Charities

Lina Caneva

Tuesday, 9th June 2015 at 11:13 am

QLD NFP Calls for Human Rights Act

Lina Caneva

Tuesday, 28th April 2015 at 11:11 am

POPULAR

Red Cross Moves to Wage-Based Fundraising Model

Lina Caneva

Thursday, 16th November 2017 at 8:30 am

Disability Advocacy Group Fights to Restore State Funding

Luke Michael

Thursday, 9th November 2017 at 8:37 am

Concerns Raised Over New ACNC Board Appointments

Luke Michael

Monday, 20th November 2017 at 2:28 pm

New Same-Sex Marriage Bill Looks to Protect Faith-Based Charities

Luke Michael

Monday, 13th November 2017 at 5:25 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


Good 360
pba inverse logo
Subscribe Twitter Facebook

The social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!