Claiming Compensation? Here Are Five Facts You Need to Know
Following an accident, the Australian legal system offers a framework for injured persons to seek compensation from insurers and other parties involved. Meeting with a lawyer is the best option for answers to specific inquiries concerning your personal injury case.
Here’s an overview of five key facts about personal injury compensation claims in Australia, including taxes, deadlines for submitting claims, and other procedural information.
1. Limitations On Filing A Personal Injury Claim
The most crucial aspect to remember regarding compensation claims in Australia is that you have a certain amount of time to register a claim. In most cases, you have three years to file a claim from the date of the accident. Certain forms of personal injury claims have shorter time restrictions. The amount of time you have to file a claim is also influenced by local rules. The time restriction normally begins on the day of the accident.
2. Calculating Your Compensation
A personal injury settlement covers more than just your medical bills. You may be entitled to compensation for your pain and suffering, as well as compensation for your lost wages along with the cost of domestic care, both past and present. The amount of your settlement will be determined by the extent of your injury as well as other variables affecting your abilities.
3. The majority Of Personal Injury Settlements Are Tax-Free
Your personal injury settlement will almost certainly be tax-free. You do not need to report your personal injury reimbursement as taxable income on your tax return. This covers, claims for car accidents, and slip and fall injuries. Therefore, this means you will not have to pay tax on your settlement.
4. How to Pursue Compensation
Depending on the nature of the incident that caused the injury, the procedure for filing a compensation claim may vary. As a final alternative, you may need to file a claim in court and seek compensation through litigation. Consulting with a solicitor would be highly necessary.
5. How Long Does It Take to Resolve a Personal Injury Case?
The amount of time needed to resolve a claim and get compensation varies depending on the circumstances. In addition, the method chosen to resolve the claim will also have an impact on the timeframe. Thus, some situations can be resolved in a few months, while others could take a year or two to complete.
Schedule A Consultation with Nazarian Law
For more informative details, contact Nazarian Law to schedule a consultation for your case.