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  

How much is included in your assessable income?

SECTION 20-55   Meaning of previous recoupment law  

20-55(1)  


Previous recoupment law means a provision of the Income Tax Assessment Act 1936 listed in this table.


Previous recoupment law
Item Provision What kind of expense the provision relates to:
1 Former 26(j) (so far as it relates to an amount received for or in respect of a loss or outgoing that is a deduction) a loss or outgoing that is a deduction
.
2 Former 26(k) embezzlement or larceny by an employee
.
3 Former 63(3) bad debts
.
4 Former 69(8) tax-related expenses
.
5 Former 70A(5) mains electricity connection expenditure
.
6 Former 72(2) (so far as it relates to a refund of an amount you have deducted or can deduct) rates or taxes
.
6A Former 72A(4)(a) and (aa) petroleum resource rent tax
.
7 Former 74(2) election expenses, Commonwealth and State elections

20-55(2)  


Former section 330-350 of this Act is also a previous recoupment law .

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