Income Tax Assessment Act 1997
View history note
Hide history noteIf your assessable income for an income year would otherwise include an insurance recovery for a loss of * live stock, or for a loss by fire of trees, that you hold as assets of a * primary production business you carry on in Australia, you can elect:
(a) to include only 20% of the insurance recovery in your assessable income for that income year; and
(b) to include 20% of the insurance recovery in your assessable income for each of the next 4 income years.
For rules about the making and effect of an election, see Subdivision 385-H.
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