Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 20.20

Assessable recoupments

Exclusion

             (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

             (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

             (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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