Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-30  

15-30   Insurance or indemnity for loss of assessable income  

Your assessable income includes an amount you receive by way of insurance or indemnity for the loss of an amount (the lost amount ) if:

(a) the lost amount would have been included in your assessable income; and

(b) the amount you receive is not assessable as ^* ordinary income under section 6-5 .