Am I taxed on an Insurance Payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.

Insurance payouts for damaged or destroyed personal items are generally not taxed. For example, any insurance payout you receive for your family home won’t necessarily be taxed. But, the rules are different if you have used your home to produce an income, for example, you have used part of your home as a home business or you have rented out part of your home.

The rules are also different if the item is a personal asset costing more than $10,000 or if the asset is a collectible that cost more than $500.

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Domestic Travel Tax Deductions

Tax deductions for work related travel can be confusing and complicated.  Here’s a brief summary of what records you need to keep:

Generally you need to keep written evidence, i.e. receipts to claim a deduction for work related travel.  Where the travel is more than 6 nights you will also be required to keep a travel diary.  However, there are exceptions

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The third wave of the Stimulus Package – JobKeeper payment

Today our Prime Minister and Treasurer announced a third wave of their Stimulus package – the Jobkeeper payment, to assist both businesses and employers to get through the Coronavirus pandemic.

Let’s break it down based on whether you are a business owner (an employer) or employee.

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The second wave of Stimulus, what it means to you

This morning, the Australian Government has announced their second round of policies to further support Australian businesses and individuals as it is expected the Coronavirus will be impacting the economy in the next few months.

This is what we know so far:

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Stimulus package to help Australians

The Prime Minister has just announced a $17.6 billion economic plan today, to assist small businesses and households through the uncertain times ahead due to the Coronavirus.

How will the stimulus package help you?

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