(1) This section is to remove doubt about how this Division and Division 245 apply where both apply to the same debt.
(a) this Division is to be applied first and is to be applied disregarding any operation of Division 245; and
(b) any amounts included in assessable income under this Division are taken into account under paragraph 245 - 85(1)(a).
Guide to Division 245
245 - A Debts to which operative rules apply
245 - B What constitutes forgiveness of a debt
245 - C Calculation of gross forgiven amount of a debt
245 - D Calculation of net forgiven amount of a debt
245 - E Application of net forgiven amounts
245 - F Special rules relating to partnerships
245 - G Record keeping