Commonwealth Consolidated Acts

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


Pre-28 June 1996 arrangements etc.

             (1)  Subdivisions 245-C to 245-G of the Income Tax Assessment Act 1997 do not apply to a forgiveness of a debt if the forgiveness occurs in accordance with the terms of an arrangement that:

                     (a)  was entered into on or before 27 June 1996; and

                     (b)  is evidenced in writing otherwise than by a document evidencing the arrangement or transaction under which the debt arose.

             (2)  Those Subdivisions also do not apply to reduce your expenditure:

                     (a)  if the asset in respect of which the expenditure was incurred was disposed of by you, or was lost or destroyed, on or before 27 June 1996; or

(b)  to the extent (if any) to which the expenditure was recouped by you on or before 27 June 1996.

Table of Subdivisions

247-A   Interim apportionment methodology

247-B    Other transitional provisions

Table of sections

247-5        Interim apportionment methodology

247-10      Products listed on the Australian Stock Exchange that have explicit put options

247-15      Other capital protected products

247-20      The indicator method

247-25      The percentage method

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback