Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 385 - Primary production  

Subdivision 385-F - Insurance for loss of live stock or trees  

SECTION 385-130   385-130   Insurance for loss of live stock or trees  


If your assessable income for an income year would otherwise include an insurance recovery for a loss of * live stock, or for a loss by fire of trees, that you hold as assets of a * primary production business you carry on in Australia, you can elect:


(a) to include only 20% of the insurance recovery in your assessable income for that income year; and


(b) to include 20% of the insurance recovery in your assessable income for each of the next 4 income years.

For rules about the making and effect of an election, see Subdivision 385-H.


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