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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 70.115

Application of section 70-115 of the Income Tax Assessment Act 1997 to insurance and indemnity payments in 1997-98 and later income years

                   Section 70-115 (Compensation for lost trading stock) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997-98 income year or a later income year by way of insurance or indemnity for a loss of trading stock, even if the loss occurred earlier. However, that section does not apply to an amount that is assessable income for an income year before the 1997-98 income year.

Table of Subdivisions

82-A      Application of Division

82-B       Transitional termination payments: general

82-C       Pre-payment statements

82-D      Directed termination payments made to superannuation and other entities

82-E       Pre-10 May 2006 entitlements and employment termination payments made after 1 July 2012

Table of sections

82-10         Pre-10 May 2006 entitlements-- transitional termination payments



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