Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.40

    Subdivisions   245 - C to 245 - G do not apply to a * forgiveness of a debt if:

  (a)   the debt is waived and the waiver constitutes a * fringe benefit; or

Note:   The waiver by an employer of a debt owed by an employee is usually a fringe benefit: see section   14 of the Fringe Benefits Tax Assessment Act 1986 .

  (b)   the amount of the debt has been, or will be, included in the assessable income of the debtor in any income year; or

  (c)   the forgiveness is effected under an Act relating to bankruptcy; or

  (d)   the forgiveness is effected by will; or

  (e)   the forgiveness is for reasons of natural love and affection; or

  (f)   the debt is a * tax - related liability or a civil penalty under Division   290 in Schedule   1 to the Taxation Administration Act 1953 (about penalties for promoters and implementers of tax avoidance schemes).

Note:   If the forgiveness of your debt involved an arrangement which was entered into before 28   June 1996, see section   245 - 10 of the Income Tax (Transitional Provisions) Act 1997 .