Section CG 5B — Income Tax Act 2007: Receipts from insurance, indemnity, or compensation for interruption or impairment of business activities

CG 5B Receipts from insurance, indemnity, or compensation for interruption or impairment of business activities When this section applies (1) This section applies when a person receives an amount of insurance, indemnity, or compensation for an interruption or impairment of business activities resulting from an event. Income (2) The part of the insurance, indemnity, or compensation attributable to income (the replaced income ) that the person would have derived if not for the event is income of the person. Timing of income (3) The income is allocated to the later of— (a) the income year to which the replaced income relates: (b) the earlier of— (i) the income year in which the amount is received: (ii) the income year in which the amount is reasonably able to be estimated. Defined in this Act: amount , business , income , income year Section CG 5B: inserted (with effect on 4 September 2010), on 29 August 2011, by section 5 of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section CG 5B(2): amended (with effect on 4 September 2010), on 2 November 2012, by section 13(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section CG 5B(3): replaced (with effect on 4 September 2010), on 2 November 2012, by section 13(2) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).