Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a * financial benefit whose amount or value is taken into account in working out whether you make, or the amount of, a gain or loss to which paragraph 230 - 20(1)(a), (b) or (c) applies.
Associated financial benefit to be taken into account only once
(2) A * financial benefit to which this section applies is not to be (to any extent):
(a) included in your assessable income; or
(b) allowable as a deduction to you;
under any provision of this Act outside this Division for the same or any other income year.
Exception for certain bad debts
(a) a * financial benefit has been included in your assessable income under a provision of this Act outside this Division; and
(b) a bad debt deduction would have been allowed under section 25 - 35 in relation to the financial benefit;
subsection (2) does not prevent that bad debt deduction from being allowed under section 25 - 35 in relation to the financial benefit as if the debt were still outstanding.
Section does not give rise to exempt income
(4) A * financial benefit is not to be treated as * exempt
income merely because it is not included in your assessable income under this
section.