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Bushfires and TaxationThe Australian Taxation Office has provided some important information for primary producers affected by bushfires, including forest growers, on the likely treatment of insurance proceeds, income from forced sales and the treatment of replacement costs.For those primary producers receiving an insurance payout for the loss of trees, taxpayers can make an election to have that amount spread as equal instalments in their assessable income over a period of five years. This election must be made either prior to, or as part of, the first return lodged after receiving the insurance payment. If there is no election to spread the payout, it will be fully taxed in the year it is received. If there is a profit from the forced harvesting and selling of timber affected by the bushfires, it may be possible to spread that profit over a period of five years. Alternatively, tax payers may be able to elect to use those profits for replacing the lost stands of trees in the disposal year or any of the next five income years. Further advice should be sought from tax professionals on these matters. A summary of these issues is available from the Australian Taxation Office at: www.ato.gov.au/content.asp?doc=/content/corporate/29105.htm&page=6#H32. |
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