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 20-20   Assessable recoupments  

Exclusion

20-20(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

20-20(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

20-20(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 .