Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

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Pt 2-1 inserted by No 121 of 1997.

Division 20 - Amounts included to reverse the effect of past deductions  

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Div 20 inserted by No 121 of 1997.

Subdivision 20-A - Insurance, indemnity or other recoupment for deductible expenses  

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Subdiv 20-A inserted by No 121 of 1997.

How much is included in your assessable income?

SECTION 20-55   Meaning of previous recoupment law  

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20-55(1)    

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Previous recoupment law means a provision of the Income Tax Assessment Act 1936 listed in this table.

Previous recoupment law
Item	Provision	What kind of expense the provision relates to:
1	Former 26(j) (so far as it relates to an amount received for or in respect of a loss or outgoing that is a deduction)	a loss or outgoing that is a deduction
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2	Former 26(k)	embezzlement or larceny by an employee
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3	Former 63(3)	bad debts
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4	Former 69(8)	tax-related expenses
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5	Former 70A(5)	mains electricity connection expenditure
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6	Former 72(2) (so far as it relates to a refund of an amount you have deducted or can deduct)	rates or taxes
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6A	Former 72A(4)(a) and (aa)	petroleum resource rent tax
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7	Former 74(2)	election expenses, Commonwealth and State elections

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S 20-55(1) amended by No 14 of 2009 , s 3 and Sch 4 items 11 and 12, by substituting " a deduction " for " an allowable deduction " (wherever occurring) in table item 1 and substituting " you have deducted or can deduct " for " allowed or allowable as a deduction " in table item 6, effective 26 March 2009.

S 20-55(1) table amended by No 101 of 2006 , s 3 and Sch 2 items 650 to 657, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 20-55(1) (table) amended by No 77 of 2001.

20-55(2)    

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Former section 330-350 of this Act is also a previous recoupment law .

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S 20-55(2) amended by No 101 of 2006 , s 3 and Sch 2 item 658, by substituting " Former section " for " Section " , effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 20-55(2) inserted by No 77 of 2001.

S 20-55 inserted by No 121 of 1997.

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