Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 70.115

                   Section 70-115 (Compensation for lost trading stock) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997-98 income year or a later income year by way of insurance or indemnity for a loss of trading stock, even if the loss occurred earlier. However, that section does not apply to an amount that is assessable income for an income year before the 1997-98 income year.

Table of Subdivisions

82-B      Transitional termination payments: general

82-C      Pre-payment statements

82-D     Directed termination payments made to superannuation and other entities

82-E      Pre-10 May 2006 entitlements and employment termination payments made after 1 July 2012

Table of sections

82-10        Pre-10 May 2006 entitlements-- transitional termination payments