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 20-30   Tables of deductions for which recoupments are assessable  

20-30(1)  


This table shows the deductions under the Income Tax Assessment Act 1997 for which recoupments are assessable.
Note:

References are to section numbers except where otherwise indicated.


Provisions of the Income Tax Assessment Act 1997
Item Provision Description of expense
1.1 8-1 (so far as it allows you to deduct a bad debt, or part of a debt that is bad) bad debts
.
1.2 8-1 (so far as it allows you to deduct rates or taxes) rates or taxes
.
1.3 25-5 tax-related expenses
.
1.4 25-35 bad debts
.
1.5 25-45 embezzlement or larceny by an employee
.
1.5A 25-47 misappropriation by an employee or agent
.
1.6 25-60 election expenses, Commonwealth and State elections
1.6A 25-65 election expenses, local governing body
.
1.7 25-75 rates and land taxes on premises used to produce mutual receipts
.
1.8 The former 25-80 upgrading assets to meet GST obligations etc.
.
1.8A 25-95 work in progress amount
.
1.8B item 7 of the table in section 30-15 contributions relating to fund-raising events
.
1.8C item 8 of the table in section 30-15 contributions relating to fund-raising auctions
.
1.9 Division 40 capital allowances
.
1.10 The former Division 42 (as it applied to *software because of the former Subdivision 46-B) expenditure on software
.
1.11 The former Subdivision 46-C expenditure on software
.
1.12 The former Subdivision 46-D expenditure on software, pooled
.
1.13 The former Division 42 (as it applied to *IRUs because of Division 44) expenditure on IRUs
.
1.14 The former 330-15 exploration or prospecting expenditure
.
1.15 The former 330-80 allowable capital expenditure relating to mining or quarrying
.
1.16 The former 330-350 petroleum resource rent tax
.
1.17 The former 330-370 transport capital expenditure relating to mining or quarrying
.
1.18 The former 330-435 rehabilitation expenditure relating to mining or quarrying
.
1.19 The former 330-485 balancing adjustment deduction for expenditure relating to mining or quarrying
.
1.19A Division 355 R & D
.
1.20 The former Subdivisions 380-A and 380-C capital expenditure incurred in obtaining a spectrum licence
.
1.21 The former Subdivision 387-A landcare operations expenditure
.
1.22 The former Subdivision 387-B expenditure on facilities to conserve or convey water
.
1.23 The former Subdivision 387-D grapevine establishment expenditure
.
1.24 The former Subdivision 387-C horticultural plant establishment expenditure
.
1.25 The former Subdivision 387-E mains electricity connection expenditure
.
1.26 The former Subdivision 400-A expenditure on environmental impact assessment
.
1.27 The former Subdivision 400-B expenditure on environmental protection activities
.
1.27A 420-15 registered emissions unit
.
1.28 775-30 forex realisation loss

20-30(2)  


This table shows the deductions under the Income Tax Assessment Act 1936 for which recoupments are assessable.
Note:

References are to section numbers except where otherwise indicated.


Provisions of the Income Tax Assessment Act 1936
Item Provision Description of expense
2.1 Former 51(1) (so far as it allowed you to deduct a bad debt, or part of a debt that is bad) bad debts
.
2.2 Former 51(1) (so far as it allowed you to deduct rates or taxes) rates or taxes
.
2.3 63 bad debts
.
2.4 Former 69 tax-related expenses
.
2.5 Former 70A(3) mains electricity connection expenditure
.
2.6 Former 71 embezzlement or larceny by an employee
.
2.7 Former 72 rates and land tax
.
2.7A Former 72A a payment of petroleum resource rent tax, or an instalment of petroleum resource rent tax, or a credit under paragraph 99(d) of the Petroleum Resource Rent Tax Assessment Act 1987 in respect of a payment of such an instalment
.
2.8 Former 73B, 73BA or 73BH research and development activity expenditure
.
2.9 Former 74 election expenses, Commonwealth and State elections
.
2.9A Former 74A election expenses, local governing body
.
2.10 Former 75AA(1) or (6) grape vine establishment expenditure
.
2.11 Former 75B(2) or (3A) water conservation or conveyance expenditure
.
2.12 Former 75D(2) land degradation prevention expenditure
.
2.13 Former 82AB development allowance expenditure
.
2.14 Former 82BB environmental impact study expenditure
.
2.15 Former 82BK environmental protection expenditure
.
2.16 (Repealed by No 133 of 2003)
.
2.17 Former Division 10 of Part III mining and quarrying expenditure
.
2.18 Former Division 10AAA of Part III expenditure on transport of minerals and quarry materials
.
2.19 Former Division 10AA of Part III expenditure on prospecting and mining for petroleum
.
2.20 Former 124BA expenditure on rehabilitating mining, quarrying and petroleum sites
.
2.21 Former 124ZZF horticultural plant establishment expenditure (effective life of the plant less than 3 years)
.
2.22 Former 124ZZG horticultural plant establishment expenditure (effective life of the plant more than 3 years)
.
2.23 Former 628 drought mitigation property expenditure by a primary producer
.
2.24 Former 636 drought mitigation property expenditure by a leasing company


 

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