It might feel a bit that way ... In today's The Sydney Morning Herald there is an article highlighting the looming potential tax consequences for people who have received compensation payments from financial institutions as a result of the banking royal commission.

The article explains that estimates for compensation-owed stretches beyond $6 billion.

The ATO has issued official advice that states any taxpayer who has received compensation faces "tax consequences". This is an outcome or effect that people may not have allowed for or considered in their tax planning and it's an issue that hasn't received much attention.

If you have received a remediation payment, please seek advice as the rules are complex.

T he Sydney Morning Herald article p ublished 22/8/2019