Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 40.90

Debt forgiveness

             (1)  This section applies if an amount (the debt forgiveness amount ) is applied in reduction of expenditure for a * depreciating asset in an income year under section 245- 155 or 245-157.

             (2)  The asset's * cost is reduced for that income year by the debt forgiveness amount.

             (3)  The asset's * opening adjustable value for that income year is reduced by the debt forgiveness amount if that income year is later than the one in which its * start time occurs.



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