Income Tax Act 2007 section 681DG

Sum obtained in respect of interest

Section 681DG defines what counts as "a sum obtained in respect of an interest in an asset" for the purposes of this chapter, broadening the meaning beyond straightforward payments to include insurance proceeds and disposal proceeds.

• Applies to any type of interest in an asset, whether held as lessee, lessor, or in any other capacity
• Insurance money received in connection with the interest is included within the definition
• Sums of money or money's worth obtained from disposing of the interest are also included
• Disposals covered include both single transactions and a series of transactions