Tax Law Improvement Act 1997 (121 of 1997)

Schedule 5   Trading stock (and some related matters)

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

46   At the end of subsection 26B(2)

Add:

Note: Subdivision 385-F (Insurance for loss of live stock or trees) of the Income Tax Assessment Act 1997 allows an election to reduce the amount of an insurance recovery received in or after the 1997-98 year of income.