(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.