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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 20-30  Tables of deductions for which recoupments are assessable  

 View history reference [No equivalent]

20-30(1)  

 View history reference
This table shows the deductions under the Income Tax Assessment Act 1997 for which recoupments are assessable.

Note:

References are to section numbers except where otherwise indicated.
Provisions of the Income Tax Assessment Act 1997
ItemProvisionDescription of expense
1.18-1 (so far as it allows you to deduct a bad debt, or part of a debt that is bad)bad debts
.......... .
1.28-1 (so far as it allows you to deduct rates or taxes)rates or taxes
.......... .
1.325-5tax-related expenses
.......... .
1.425-35bad debts
.......... .
1.525-45embezzlement or larceny by an employee
.......... .
1.5A25-47misappropriation by an employee or agent
.......... .
1.625-60election expenses, Commonwealth and State elections
..........
1.6A25-65election expenses, local governing body
.......... .
1.725-75rates and land taxes on premises used to produce mutual receipts
.......... .
1.8The former 25-80upgrading assets to meet GST obligations etc.
.......... .
1.8A25-95work in progress amount
.......... .
1.8Bitem 7 of the table in section 30-15contributions relating to fund-raising events
.......... .
1.8Citem 8 of the table in section 30-15contributions relating to fund-raising auctions
.......... .
1.9Division 40capital allowances
.......... .
1.10The former Division 42 (as it applied to *software because of the former Subdivision 46-B)expenditure on software
.......... .
1.11The former Subdivision 46-Cexpenditure on software
.......... .
1.12The former Subdivision 46-Dexpenditure on software, pooled
.......... .
1.13The former Division 42 (as it applied to *IRUs because of Division 44)expenditure on IRUs
.......... .
1.14The former 330-15exploration or prospecting expenditure
.......... .
1.15The former 330-80allowable capital expenditure relating to mining or quarrying
.......... .
1.16The former 330-350petroleum resource rent tax
.......... .
1.17The former 330-370transport capital expenditure relating to mining or quarrying
.......... .
1.18The former 330-435rehabilitation expenditure relating to mining or quarrying
.......... .
1.19The former 330-485balancing adjustment deduction for expenditure relating to mining or quarrying
.......... .
1.19ADivision 355R & D
.......... .
1.20The former Subdivisions 380-A and 380-Ccapital expenditure incurred in obtaining a spectrum licence
.......... .
1.21The former Subdivision 387-Alandcare operations expenditure
.......... .
1.22The former Subdivision 387-Bexpenditure on facilities to conserve or convey water
.......... .
1.23The former Subdivision 387-Dgrapevine establishment expenditure
.......... .
1.24The former Subdivision 387-Chorticultural plant establishment expenditure
.......... .
1.25The former Subdivision 387-Emains electricity connection expenditure
.......... .
1.26The former Subdivision 400-Aexpenditure on environmental impact assessment
.......... .
1.27The former Subdivision 400-Bexpenditure on environmental protection activities
.......... .
1.27A420-15registered emissions unit
.......... .
1.28775-30forex realisation loss

20-30(2)  

 View history reference
This table shows the deductions under the Income Tax Assessment Act 1936 for which recoupments are assessable.

Note:

References are to section numbers except where otherwise indicated.
Provisions of the Income Tax Assessment Act 1936
ItemProvisionDescription of expense
2.1Former 51(1) (so far as it allowed you to deduct a bad debt, or part of a debt that is bad)bad debts
.......... .
2.2Former 51(1) (so far as it allowed you to deduct rates or taxes)rates or taxes
.......... .
2.363bad debts
.......... .
2.4Former 69tax-related expenses
.......... .
2.5Former 70A(3)mains electricity connection expenditure
.......... .
2.6Former 71embezzlement or larceny by an employee
.......... .
2.7Former 72rates and land tax
.......... .
2.7AFormer 72Aa payment of petroleum resource rent tax, or an instalment of petroleum resource rent tax, or a credit under paragraph 99(d) of the Petroleum Resource Rent Tax Assessment Act 1987 in respect of a payment of such an instalment
.......... .
2.8Former 73B, 73BA or 73BHresearch and development activity expenditure
.......... .
2.9Former 74election expenses, Commonwealth and State elections
.......... .
2.9AFormer 74Aelection expenses, local governing body
.......... .
2.10Former 75AA(1) or (6)grape vine establishment expenditure
.......... .
2.11Former 75B(2) or (3A)water conservation or conveyance expenditure
.......... .
2.12Former 75D(2)land degradation prevention expenditure
.......... .
2.13Former 82ABdevelopment allowance expenditure
.......... .
2.14Former 82BBenvironmental impact study expenditure
.......... .
2.15Former 82BKenvironmental protection expenditure
.......... .
2.16(Repealed by No 133 of 2003) 
.......... .
2.17Former Division 10 of Part IIImining and quarrying expenditure
.......... .
2.18Former Division 10AAA of Part IIIexpenditure on transport of minerals and quarry materials
.......... .
2.19Former Division 10AA of Part IIIexpenditure on prospecting and mining for petroleum
.......... .
2.20Former 124BAexpenditure on rehabilitating mining, quarrying and petroleum sites
.......... .
2.21Former 124ZZFhorticultural plant establishment expenditure (effective life of the plant less than 3 years)
.......... .
2.22Former 124ZZGhorticultural plant establishment expenditure (effective life of the plant more than 3 years)
.......... .
2.23Former 628drought mitigation property expenditure by a primary producer
.......... .
2.24Former 636drought mitigation property expenditure by a leasing company


 



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