Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 54.45

Personal injury lump sum exemption for injured person

    A payment of a * personal injury lump sum that is made to the * injured person is exempt from income tax if:

  (a)   there is at least one * personal injury annuity (provided under the same * structured settlement or * structured order) that satisfies the conditions in Subdivision   54 - B; and

  (b)   the other conditions in this Subdivision are satisfied.

Note:   Section   54 - 70 provides a tax exemption if the payment is instead made to the trustee of a trust.



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