Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.25

Application of section

  (1)   This section applies to a * financial benefit whose amount or value is taken into account in working out whether you make, or the amount of, a gain or loss to which paragraph   230 - 20(1)(a), (b) or (c) applies.

Associated financial benefit to be taken into account only once

  (2)   A * financial benefit 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 provision of this Act outside this Division for the same or any other income year.

Exception for certain bad debts

  (3)   If:

  (a)   a * financial benefit has been included in your assessable income under a provision of this Act outside this Division; and

  (b)   a bad debt deduction would have been allowed under section   25 - 35 in relation to the financial benefit;

subsection   (2) does not prevent that bad debt deduction from being allowed under section   25 - 35 in relation to the financial benefit as if the debt were still outstanding.

Section does not give rise to exempt income

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