With all the chaos that has happened in the last two years, insurance claims have become inevitable for most taxpayers. There are however still a number of misunderstandings that exist in this space. In particular, many taxpayers are not aware of the provisions of s23(c) which prohibit the deduction of certain expenses covered by insurance proceeds.
The aim of this session is to break down the core concepts of insurance proceeds and highlight the main misunderstandings and potential conflict. This will include:
• Are insurance proceeds gross income or not declared at all?
• When should insurance proceeds be recognised?
• Are the related expenses deductible?
• What about s 23(c)?
• CGT and Roll over relief
• VAT and insurance proceeds
Any person who is looking to gain an understanding of the tax consequences of insurance proceeds would benefit. Any delegate that is looking to get a refresher on the above topics would also be welcome.
