Income tax: is a benefit payable under a trauma insurance policy which is beneficially owned by that person exempt from capital gains tax under section 160ZB of the Income Tax Assessment Act 1936 (the Act)?

Yes. The benefit payable under a trauma insurance policy which is beneficially owned by that person is exempt from capital gains tax under section 160ZB of the Act.

The person has merely obtained a sum by way of compensation for any injuries suffered by the taxpayer to his or her person.