Tax Law Improvement Act 1997 (121 of 1997)

Schedule 12   Miscellaneous

Part 1   Amendment of the Income Tax Assessment Act 1997

7   At the end of section 43-50

Add:

(7) Your deductions under this Division may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245-E of Schedule 2C to the Income Tax Assessment Act 1936.