Section CU 5 — Income Tax Act 2007: Compensation and scrap payment: income from mining

CU 5 Compensation and scrap payment: income from mining Income (1) When, under section CU 4 , this section applies, the total of the following amounts is income from mining of the mining company: (a) the amount of insurance, indemnity, or compensation paid; and (b) the amount, if any, payable to the company for the disposal of any scrap of the asset. Timing of income (2) The income from mining is allocated to the income year in which the insurance, indemnity, or compensation is paid. Relationship with sections CU 6 to CU 8 (3) This section is overridden by sections CU 6 to CU 8 . Defined in this Act: amount , asset , income from mining , income year , mining company , pay , Compare: 2004 No 35 s CU 5