INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 59 - Particular amounts of non-assessable non-exempt income  

Operative provisions  

SECTION 59-30   Amounts you must repay  

59-30(1)  
An amount you receive is not assessable income and is not *exempt income for an income year if:


(a) you must repay it; and


(b) you repay it in a later income year; and


(c) you cannot deduct the repayment for any income year.

59-30(2)  
It does not matter if:


(a) you received the amount as part of a larger amount; or


(b) the obligation to repay existed when you received the amount or it came into existence later.

59-30(3)  
This section does not apply to an amount you must repay because you received a lump sum as compensation or damages for a wrong or injury you suffered in your occupation.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.