INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 2 - Application  

SECTION 160N  

160N   ASSETS LOST OR DESTROYED  
For the purposes of this Part but subject to the other provisions of this Part:

(a) the entire loss or destruction of an asset constitutes a disposal of the asset; and

(b) the loss or destruction of part of an asset constitutes a disposal of that part of the asset;

whether or not any amount of money or other consideration by way of compensation or otherwise is received as a result of or in respect of the loss or destruction.