Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-10
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FINANCIAL TRANSACTIONS
Division 245
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Forgiveness of commercial debts
Subdivision 245-B
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What constitutes forgiveness of a debt
Operative provisions
SECTION 245-35
245-35
What constitutes
forgiveness
of a debt
A debt is forgiven if and when:
(a) the debtor ' s obligation to pay the debt is released or waived, or is otherwise extinguished other than by repaying the debt in full; or
(b) the period within which the creditor is entitled to sue for the recovery of the debt ends, because of the operation of a statute of limitations, without the debt having been paid.
View history note
Hide history noteA debt is forgiven if and when:
(a) the debtor ' s obligation to pay the debt is released or waived, or is otherwise extinguished other than by repaying the debt in full; or
(b) the period within which the creditor is entitled to sue for the recovery of the debt ends, because of the operation of a statute of limitations, without the debt having been paid.
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