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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