what does the ATO say?
We sent them our Popi and asked them for a product ruling.
We wanted to know if the extra income would be taxable.
The answer is....yes and no....typical tax office we reckon!!!!
The popi payments are considered taxable income in the year in which the Popi agreement commences (ie: if it commences in May 2015 the first 12 months payments will be assessed in the 2015 financial year)
We strongly recommend that you check your circumstances with your Accountant or Financial Planner first.
Click here for a full copy of the official ruling.