INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 243 - Limited recourse debt  

Subdivision 243-D - Special provisions  

Operative provisions

SECTION 243-75   Application of Division where debt forgiveness rules also apply  

243-75(1)  


This section is to remove doubt about how this Division and Division 245 apply where both apply to the same debt.

243-75(2)  
Where both apply:


(a) this Division is to be applied first and is to be applied disregarding any operation of Division 245; and


(b) any amounts included in assessable income under this Division are taken into account under paragraph 245-85(1)(a).


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