Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 243.75

Application of Division where debt forgiveness rules also apply

  (1)   This section is to remove doubt about how this Division and Division   245 apply where both apply to the same debt.

  (2)   Where both apply:

  (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).

Table of Subdivisions

  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


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback