Need a question answered as it does relate to my kids future.
My ex could possibly receive a compensation payout for a "back injury" yep us tax payers have to pay for another bullshit artist.
If he does get this payout is it declared as a income on his tax?? Does child support need to be told?? Because if he gets it then goes on disability I will hardly get no child support but he's sitting there with $100k living the life.
Anyone out there can answer my question. Xxx
Child support
Child support
Posted in:
Money
4 Replies
Nope.
Thanks for elaborating
Pretty sure he only has to declare it if he is paying tax on it. So sorry for your situation. Maybe check with centrelink and child support as pretty sure he has to claim it with them. Best of much hun xo
How the compensation is calculated and the components will determine whether he has to declare it as income in his tax return and pay tax on it. Amounts that are for past loss of income or loss of future income may be taxable but amounts which are related to compensation for personal injury would be tax free.
Hard to give you any more guidance based on the info available.
Any amount given to him would not let him him "live the life" unless he invests it wisely and given the amount I'm sure there were medical tests down to substantiate the extent of the back injury.