INCOME TAX ASSESSMENT ACT 1997 - SECT 15.30 Insurance or indemnity for loss of assessable income
INCOME TAX ASSESSMENT ACT 1997 - SECT 15.30
Insurance or indemnity for loss of assessable incomeYour assessable income includes an amount you receive by way of insurance or indemnity for the loss of an amount (the lost amount ) if:
(a) the lost amount would have been included in your assessable income; and
(b) the amount you receive is not assessable as *
ordinary income under section 6 - 5.