Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 245.5

Application and saving

  (1)   Division   245 of the Income Tax Assessment Act 1997 applies to debts forgiven in:

  (a)   the 2010 - 11 income year; and

  (b)   later income years.

  (2)   Despite the repeal of Schedule   2C to the Income Tax Assessment Act 1936, that Schedule continues to apply to debts forgiven in:

  (a)   the 2009 - 10 income year; and

  (b)   earlier income years.

  (3)   Subsection   (2) does not limit the effect of section   8 of the Acts Interpretation Act 1901 in relation to the repeal.


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