INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteThis section does not apply to an amount received in the 1997-98 year of income or a later year of income if the amount is received as recoupment as defined by section
20-25
of the
Income Tax Assessment Act 1997
.
Note:
Subdivision 20-A of the Income Tax Assessment Act 1997 applies instead.
This Division does not apply, and shall be deemed never to have applied, in relation to a taxpayer, to expenditure of a capital nature in respect of which the taxpayer is recouped, or becomes entitled to be recouped, by the Commonwealth, by a State, by the Administration of a Territory, by an authority constituted by or under a law of the Commonwealth, of a State or of a Territory or by any other person (other than a recoupment by way of subsidy received under an agreement entered into under an Act relating to the search for petroleum) where the amount of the recoupment is not, and will not be, included in the assessable income of the taxpayer of any year of income.
Where a taxpayer receives, or becomes entitled to receive, an amount that constitutes to an unspecified extent a recoupment of expenditure of a capital nature, the Commissioner may, for the purposes of subsection (1), determine the extent to which the amount constitutes a recoupment of that expenditure.
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