Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

Division 70 - Trading stock  

Subdivision 70-D - Assessable income arising from disposals of trading stock and certain other assets  

Operative provisions

SECTION 70-115  

70-115   Compensation for lost trading stock  

Your assessable income includes an amount that:

(a) you receive by way of insurance or indemnity for a loss of *trading stock; and

(b) is not assessable as *ordinary income under section 6-5.