The Taxation of Settlements and Awards: What Lawyers Need to Know (On Demand)

This On Demand was recorded on 18 May 2021.

Advocating for clients to achieve the best financial outcome is critical. Whether they receive a court award or settle out of court, in disputes involving money your client will ultimately be concerned with their bottom line.

But what happens if they receive an unexpected tax bill and don’t pocket what they were expecting? Alternatively if your client is on the other side of the dispute and paying out, will a tax deduction be available to relieve some of the burden?

The objective of this On Demand is to familiarise you with key income tax and GST considerations you should keep in mind when negotiating settlements or pleading claims.

While your client may not expect you to be a tax expert, you should understand the basic questions to ask, when to ask them, the potential ramifications to you and your client if tax considerations are overlooked, and when to recommend that your client seek specialist tax advice.

Who should view?

Lawyers who want to enhance the value of the services they provide to clients by better understanding fundamental tax principles that apply to court awards and settlement payments.

Details

CPD Hours: 1.50hr

Pricing Details

Ticket Price

Member - $150.00 GST

Non-Member - $210.00 GST

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