Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_2:p2
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 2/11)
Character Range: 9084–13181

used the premises for the *purpose of producing assessable income; and
 (d) the amount is not assessable as *ordinary income under section 6‑5.

Note: The entity can deduct the amount: see section 25-15.

15-30  Insurance or indemnity for loss of assessable income

  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.

15-35  Interest on overpayments and early payments of tax

  Your assessable income includes interest payable to you under the Taxation (Interest on Overpayments and Early Payments) Act 1983. The interest becomes assessable when it is paid to you or applied to discharge a liability you have to the Commonwealth.

[The next Division is Division 20.]

Division 20—Amounts included to reverse the effect of past deductions

Table of Subdivisions

 Guide to Division 20
20-A Insurance, indemnity or other recoupment for deductible expenses
20-B Disposal of a car for which lease payments have been deducted

Guide to Division 20

20-1  What this Division is about

      This Division includes amounts in your assessable income to reverse the effect of certain kinds of deductions.

Table of sections

20-5 Other provisions that reverse the effect of deductions

20-5  Other provisions that reverse the effect of deductions

  The table lists other provisions that reverse the effect of certain kinds of deductions.

  Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold, are provisions of the Income Tax Assessment Act 1936.

Provisions that adjust your tax position in respect of deductions
Item                                                               In this situation:                                                                                                                                                               See:
  1                                                                A balancing charge for property on which you incurred expenditure deductible under a capital allowance is included in your assessable income.                                    40-25 and 40‑30
  2                                                                An amount you receive by way of insurance or indemnity for a loss of trading stock is included in your assessable income.                                                        70-115
  3                                                                Because of:                                                                                                                                                                      330-350(3)
                                                                   • petroleum resource rent tax; or
                                                                   • an instalment of petroleum resource rent tax;
                                                                   that you have deducted or can deduct, an amount is refunded, credited, paid or applied: the amount is included in your assessable income.
  4                                                                You receive a fringe benefit by way of reimbursement or payment of a loss or outgoing you incurred: your deduction for the loss or outgoing is reduced.                          51AH
  5                                                                A company receives (or becomes entitled to) an amount:                                                                                                                           73B(27A)
                                                                   • in respect of the results of research and development activities on which it incurred deductible expenditure; or
                                                                   • attributable to it having incurred deductible expenditure on research and development