Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 245 - Forgiveness of commercial debts  

Subdivision 245-E - Application of net forgiven amounts  

Unapplied total net forgiven amount

SECTION 245-195   No further consequences if there is any remaining unapplied total net forgiven amount  

245-195(1)    
If any part of the *total net forgiven amount remains after the application of that amount in making reductions under the preceding provisions of this Subdivision, the remaining part is disregarded.

245-195(2)    
This section has effect subject to section 245-215 (about partnerships and transferring the remaining part to the partners).