hello, have spent a few hours searching but havent found definitive answer & was hoping a member may have knowledge or can suggest where I could investigate further.
I have had an income protection claim finally negotiated to a satisfactory outcome. receiving lump sum for approx 80% of claim (arrears to dec 2008)+legal costs+now on claim.
my accountant is of the opinion it would all be assessable in ye 14, I would like a 2nd opinion
I have a spreadsheet that attributes income (lump sum apportioned for each month)/interest/premiums monthly since dec 2008, so it would be pretty easy to allocate the lump sum received (minus legal fees) to each tax return. (ie ye09, ye10, ye11, ye12, ye13).
for some reason (optimism?) i was of the opinion ato would very likely reassess my prior tax returns & include the new income, rather than assess the lump sum (-legals) all in ye14
I believe I need to request a private ruling, and that would most likely be granted in my favour.
Is this so or am I dreaming?
I appreciate all thoughts
regards
adrian
I have had an income protection claim finally negotiated to a satisfactory outcome. receiving lump sum for approx 80% of claim (arrears to dec 2008)+legal costs+now on claim.
my accountant is of the opinion it would all be assessable in ye 14, I would like a 2nd opinion
I have a spreadsheet that attributes income (lump sum apportioned for each month)/interest/premiums monthly since dec 2008, so it would be pretty easy to allocate the lump sum received (minus legal fees) to each tax return. (ie ye09, ye10, ye11, ye12, ye13).
for some reason (optimism?) i was of the opinion ato would very likely reassess my prior tax returns & include the new income, rather than assess the lump sum (-legals) all in ye14
I believe I need to request a private ruling, and that would most likely be granted in my favour.
Is this so or am I dreaming?
I appreciate all thoughts
regards
adrian