INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10AB - Rehabilitation and restoration of mining, quarrying and petroleum sites  

SECTION 124BD   NO DEDUCTION WHERE EXPENDITURE IS RECOUPED  

124BD(1)   [Amount not included in assessable income]  

Section 124BA does not apply, and is to be taken never to have applied, to expenditure where both of the following conditions are satisfied:

(a) the taxpayer is recouped, or becomes entitled to be recouped, in respect of the expenditure;

(b) the amount of the recoupment is not, and will not be, included in the assessable income of the taxpayer of any year of income.

124BD(2)   [Commissioner's discretion]  

Where a taxpayer receives, or becomes entitled to receive, an amount that constitutes to an unspecified extent a recoupment of expenditure, the Commissioner may, for the purposes of subsection (1), determine the extent to which that amount constitutes a recoupment of that expenditure.

124BD(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.