Income Tax Assessment Act 1997
CHAPTER 3 - SPECIALIST LIABILITY RULES PART 3-10 - FINANCIAL TRANSACTIONS
(a) your tax losses and net capital losses; and
(b) capital allowances and some similar deductions; and
(c) the cost bases of your CGT assets.
Division 245 - Forgiveness of commercial debts
Guide to Division 245 SECTION 245-1 What this Division is about
When a creditor forgives a commercial debt you owe, you make a gain. This is usually not included in your assessable income. Instead, this Division offsets the forgiven amount against amounts that could otherwise reduce your taxable income in the same or a later income year. Those amounts are:
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