Australia's federal government has decided
to allow people who receive compensation to spread their recompense over
as long a period as they need and it will not impose a tax on the payments.
Previously, only one-off payments had been tax-free but it had become
clear that such lump sum payments were not suitable for covering long-term medical bills
and related costs.
Assistant Treasurer Rod Kemp has declared that the measure will give people with genuine applications the choice to receive a one-off tax-free compensation payout or instalments as a tax-free annuity.
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