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
20-25
of the
Income Tax Assessment Act 1997
.
Note:
Subdivision 20-A of the Income Tax Assessment Act 1997 applies instead.
Section 82BB does not apply, and is to be taken never to have applied, to expenditure if:
(a) the taxpayer, whether before or after the commencement of this subsection, 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 assessable income of the taxpayer of any year of income. 82BE(2) [Deemed amount of recoupment]
For the purposes of subsection (1), if a taxpayer 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.
82BE(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.
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