Tax Law Improvement Act 1997 (121 of 1997)
Schedule 4 Deductions
Part 2 Consequential amendment of the Income Tax Assessment Act 1997
7 Section 12-5 (table item headed 'bad debts')
Omit:
|
general |
63, 63F |
substitute:
|
deduction reduced because of forgiveness of debt if debtor and creditor are companies under common ownership and agree on the reduction |
|
|
|
general |
25-35, 63F |