(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