Section CG 4 — Income Tax Act 2007: Receipts for expenditure or loss from insurance, indemnity, or otherwise

CG 4 Receipts for expenditure or loss from insurance, indemnity, or otherwise When this section applies (1) This section applies when— (a) a person is allowed a deduction for expenditure or loss; and (b) the person derives an amount relating to the expenditure or loss, whether through insurance, indemnity, or otherwise; and (c) the amount, to the extent of the deduction, is not income of the person under any other provision of this Act. Income (2) The amount derived is, to the extent of the deduction, income of the person. Timing of income (3) The income is allocated to the later of— (a) the income year in which the expenditure or loss is incurred: (b) the income year in which the amount is derived. Defined in this Act: amount , deduction , income year , loss Section CG 4: replaced (with effect on 4 September 2010), on 2 November 2012, by section 12(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).