INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 20 - Amounts included to reverse the effect of past deductions  

Subdivision 20-A - Insurance, indemnity or other recoupment for deductible expenses  

SECTION 20-10   What this Subdivision is about  


Recoupment of expenses you incurred and can deduct

Your assessable income may include an amount that you receive by way of insurance, indemnity or other recoupment if:

  • · it is for a deductible expense; and
  • · it is not otherwise assessable income.
  • Recoupment of expenses you did not incur but can deduct

    Your assessable income may include an amount that another entity receives by way of insurance, indemnity or other recoupment if:

  • · it is for an expense that you can deduct; and
  • · it is not otherwise your assessable income.

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