INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
This section does not apply to an amount received in the 1997-98 year of income or a later year of income if the amount is received as recoupment as defined by section
Income Tax Assessment Act 1997
Subdivision 20-A of the Income Tax Assessment Act 1997 applies instead.
(a) the entity, whether before or after the commencement of this section, receives, or becomes entitled to receive, a recoupment of, or grant in respect of, the expenditure; and
(b) the amount of the recoupment or the grant is not, and will not be, included in the entity's assessable income of any year of income. 124ZZN(2) Dissection of amounts.
For the purposes of subsection (1), if a person receives, or becomes entitled to receive, an amount that constitutes to an unspecified extent a recoupment of, or a grant in respect of, expenditure, then so much of that amount as is reasonable is taken to be a recoupment of, or grant in respect of, that expenditure, as the case requires.124ZZN(3) Amendment of assessments.
Section 170 does not prevent the amendment of an assessment at any time for the purpose of giving effect to this section.