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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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