Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.30

    Your 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.