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  

What is an assessable recoupment ?

SECTION 20-20   Assessable recoupments  

Exclusion

20-20(1)  
An amount is not an assessable recoupment to the extent that it is * ordinary income, or it is * statutory income because of a provision outside this Subdivision. Insurance or indemnity

20-20(2)  


An amount you have received as * recoupment of a loss or outgoing is an assessable recoupment if:


(a) you received the amount by way of insurance or indemnity; and


(b) you can deduct an amount for the loss or outgoing for the * current year, or you have deducted or can deduct an amount for it for an earlier income year, under any provision of this Act.

Other recoupment

20-20(3)  


An amount you have received as * recoupment of a loss or outgoing ( except by way of insurance or indemnity) is an assessable recoupment if:


(a) you can deduct an amount for the loss or outgoing for the * current year; or


(b) you have deducted or can deduct an amount for the loss or outgoing for an earlier income year;

under a provision listed in section 20-30 .


 

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