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  

Reduction of cost bases of assets

SECTION 245-180   Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets  

245-180(1)    
Subject to section 245-185 , you may choose:

(a) your *CGT assets whose *cost base and *reduced cost base are subject to reduction under section 245-175 ; and

(b) the amount applied in reduction of the cost base and reduced cost base of each of those assets;

so long as the *total net forgiven amount remaining is applied, to the maximum extent possible, in reduction of the cost base and reduced cost base of such assets.

245-180(2)    
If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.