Commonwealth Consolidated Acts Commonwealth Consolidated ActsRecoupment 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