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 if you can deduct a loss or outgoing incurred by another entity?

SECTION 20-60  

20-60   If you are the only entity that can deduct an amount for the loss or outgoing  
This Subdivision applies in a different way if:

(a) an entity (other than you) incurs a loss or outgoing; and

(b) you can deduct the whole of the loss or outgoing for an income year, or you can deduct amounts for the loss or outgoing over 2 or more income years; and

(c) no other entity can deduct an amount for the loss or outgoing; and

(d) the entity that incurred the loss or outgoing receives one or more amounts as ^* recoupment of the loss or outgoing.

This Subdivision (except this section and section 20-65 ) applies as if you had incurred the loss or outgoing and had also received the ^* recoupment.