Taxation of Insurance Proceeds and Lost/Destroyed Assets


Recent bushfires are an example of natural disasters that result in the destruction and loss of assets, and associated insurance claims. The tax implications of losses and insurance recoveries will need to be understood by impacted taxpayers.
Trading stock, livestock, machinery and buildings are examples of assets destroyed in recent natural disasters. The tax implications from the losses differ depending on the asset category, and there are also differing tax implications from insurance recoveries.

For the taxation of insurance proceeds, it is important to understand replacement asset relief, CGT roll-over relief and concessions for lost trading stock.

We will look at practical examples to understand these implications and concessions.

Webinar Learning Outcomes:
- Understand the CGT and balancing adjustment event implications of destroyed assets
- Understand the tax treatment of insurance proceeds
- Understand the roll-over relief provisions relevant to destroyed assets

Suited to:
- Advisors with clients impacted by recent fires (and floods)
- Taxpayers in primary production industries
- Suitable for introductory and intermediate level

Presenter Bio:
Paul Mills has worked in the corporate tax practice at PwC for over 20 years, advising clients on a range of transactions.
For the past seven years, Paul has been responsible for PwC’s national tax technical education program. Paul now operates his own tax consultancy business, and also runs the tax function for Keystone Private Advisory.

You will be provided with:
• PowerPoint presentation slide deck
• Any Supporting documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter

  • Webinar Recording
    • PD hours: 1.5
    Stream this recording multiple times at your convenience.
    • $220.00 incl. GST

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Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.


Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! You can watch it as many times as you like for up to 6 months. You will also receive Supporting Documentation.