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The taxability of pre- and post-judgment interest: some recent issues

Article Abstract:

The Australia Federal Court ruled in Whitaker v. Federal Commissioner of Taxation that pre-judgment and post-judgment interest awards were income subject to taxation. The court characterized the interest payments under section 94 of the New South Wales Supreme Court Act 1970 as separate from the personal damage award, which has exempt from taxation. The court also found that the taxpayer was entitled to deduct a percentage of legal fees proportionate to the percentage of the total damages attributable to pre-judgment interest.

Public Finance Activities, Tax Deductions & Exemptions, Laws, regulations and rules, Expense deductions, Tax deductions, Interest (Law)

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The interaction of damages awards and capital gains tax: two recent cases

Article Abstract:

Damage awards will come under consideration for capital gains taxation, as shown by two Australian court decisions. An award was increased to cover capital gains tax in Tuite v. Exelby. A defendant real estate agent was ordered to indemnify a plaintiff for any capital gains tax due on the damage award, in Provan v. HCL Real Estate Ltd. These two decisions used different methods to come to the same conclusion that capital gains tax covers damage awards.

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Commissioner of Taxation v Guy

Article Abstract:

The decision in Commissioner of Taxation v Guy was the first time that the Commissioner appealed an Administrative Appeals Tribunal on capital gains tax on compensation receipts. The case involved two land sale contracts, with an attendant forfeited deposit and damages. The Commissioner sought an assessment under part IIIA of Australia's 1936 Income Tax Assessment Act, but the Federal Court denied this.

Compensation (Law)

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