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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

What is an assessable recoupment?

SECTION 20-20  Assessable recoupments  

 View history reference ITAA 36

Exclusion

20-20(1)  

An amount is not an assessable recoupment to the extent that it is *ordinary income, or it is *statutory income because of a provision outside this Subdivision.

Insurance or indemnity

20-20(2)  

 View history reference
An amount you have received as *recoupment of a loss or outgoing is an assessable recoupment if:


(a) you received the amount by way of insurance or indemnity; and
 View history reference


(b) you can deduct an amount for the loss or outgoing for the *current year, or you have deducted or can deduct an amount for it for an earlier income year, under any provision of this Act.

Other recoupment

20-20(3)  

 View history reference
An amount you have received as *recoupment of a loss or outgoing (except by way of insurance or indemnity) is an assessable recoupment if:


(a) you can deduct an amount for the loss or outgoing for the *current year; or


(b) you have deducted or can deduct an amount for the loss or outgoing for an earlier income year;

under a provision listed in section 20-30.


 



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