Tax Law Improvement Act 1997 (121 of 1997)

Schedule 8   Recoupment

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

26   Subsection 330-485(2)

Omit all the words after “cannot”, substitute:

exceed:

• the sum of the amounts covered by paragraph 330-480(1)(a) (your deductions);

reduced by:

• each amount (if any) that Subdivision 20-A included in your assessable income for an earlier income year because you received an amount by way of insurance or indemnity for, or as *recoupment of, your expenditure in respect of the property.