Income Tax Assessment Act 1997
CHAPTER 2
-
LIABILITY RULES OF GENERAL APPLICATION
PART 2-1
-
ASSESSABLE INCOME
First, read sections 20-20 to 20-30 to work out whether you have received an assessable recoupment. If not, you do not need to read the rest of the Subdivision.
If you have received one or more assessable recoupments, sections 20-35 to 20-55 tell you how much is included in your assessable income for an income year. If another entity incurred a loss or outgoing you can deduct 20-15(3)
Sections 20-60 and 20-65 tell you how to apply this Subdivision.
Division 20
-
Amounts included to reverse the effect of past deductions
Subdivision 20-A
-
Insurance, indemnity or other recoupment for deductible expenses
SECTION 20-15
How to use this Subdivision
If you incurred the deductible loss or outgoing
20-15(1)
First, read sections 20-20 to 20-30 to work out whether you have received an assessable recoupment. If not, you do not need to read the rest of the Subdivision.
20-15(2)
If you have received one or more assessable recoupments, sections 20-35 to 20-55 tell you how much is included in your assessable income for an income year. If another entity incurred a loss or outgoing you can deduct 20-15(3)
Sections 20-60 and 20-65 tell you how to apply this Subdivision.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.