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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME    View history reference

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

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

SECTION 20-10  What this Subdivision is about  

 View history reference [No equivalent]

Recoupment of expenses you incurred and can deduct

Your assessable income may include an amount that you receive by way of insurance, indemnity or other recoupment if:

· it is for a deductible expense; and
· it is not otherwise assessable income.
Recoupment of expenses you did not incur but can deduct

Your assessable income may include an amount that another entity receives by way of insurance, indemnity or other recoupment if:

· it is for an expense that you can deduct; and
· it is not otherwise your assessable income.


 



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