SMSF trustee received an ex-gratia payment as resolution of a complaint with a life insurance company for an insurance policy with premiums paid by the SMSF. Should the income be taxed. I believe probably yes but would appreciate any views.
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Hi Alain
Thanks, I assume it does not relate to the death of a member. On the basis that premiums have been made and a deduction claimed an ex-gratia payment by a life insurance compaany would normally be assessable income.
Thanks
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