Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.20

Application of section

  (1)   This section applies to the following:

  (a)   a gain that is included in your assessable income for an income year under this Division;

  (b)   a loss that is allowable as a deduction to you for an income year under this Division;

  (c)   a gain or a loss that is dealt with in accordance with subsection   230 - 310(4) in relation to an income year.

Purpose of this section

  (2)   The purpose of this section is to ensure that your gains and losses, and * financial benefits, to which this section applies are taken into account only once under this Act in working out your taxable income.

Gain or loss to be taken into account only once

  (3)   A gain or loss to which this section applies is not to be (to any extent):

  (a)   included in your assessable income; or

  (b)   allowable as a deduction to you; or

  (c)   dealt with in accordance with subsection   230 - 310(4);

again under this Division for the same or any other income year.

  (4)   A gain or loss to which this section applies is not to be (to any extent):

  (a)   included in your assessable income; or

  (b)   allowable as a deduction to you;

under any provisions of this Act outside this Division for the same or any other income year.

Section does not give rise to exempt income

  (5)   A gain is not to be treated as * exempt income merely because it is not included in your assessable income under this section.