Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 245.30

What this Subdivision is about

A debt is forgiven if you no longer have to pay it.

However, this Division does not apply to some cases of forgiveness, such as bankruptcy.

Table of sections

Operative provisions

245-35      What constitutes forgiveness of a debt

245-36      What constitutes forgiveness of a debt if the debt is assigned

245-37      What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt

245-40      Forgivenesses to which operative rules do not apply

245-45      Application of operative rules if forgiveness involves an arrangement

Operative provisions



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