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INCOME TAX ASSESSMENT ACT 1997 - SECT 20.10 What this Subdivision is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 20.10

What this Subdivision is about

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:

  ï‚·   it is for a deductible expense; and

  ï‚·   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:

  ï‚·   it is for an expense that you can deduct; and

  ï‚·   it is not otherwise your assessable income.

Table of sections

20 - 15   How to use this Subdivision

What is an assessable recoupment ?

20 - 20   Assessable recoupments

20 - 25   What is recoupment ?

20 - 30   Tables of deductions for which recoupments are assessable

How much is included in your assessable income?

20 - 35   If the expense is deductible in a single income year

20 - 40   If the expense is deductible over 2 or more income years

20 - 45   Effect of balancing charge

20 - 50   If the expense is only partially deductible

20 - 55   Meaning of previous recoupment law

What if you can deduct a loss or outgoing incurred by another entity?

20 - 60   If you are the only entity that can deduct an amount for the loss or outgoing

20 - 65   If 2 or more entities can deduct amounts for the loss or outgoing

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