Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-10
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FINANCIAL TRANSACTIONS
The gross forgiven amount of a debt is:
(a) if section 245-65 does not apply to the debt - the value of the debt when it was *forgiven (worked out under section 245-55 , 245-60 or 245-61 ); or
(b) if the value of the debt when it was forgiven exceeds the amount offset under section 245-65 in relation to the debt - the excess. 245-75(2)
If the value of the debt when it was *forgiven is equal to or less than the amount offset:
(a) there is no gross forgiven amount in respect of the debt; and
(b) Subdivisions 245-D to 245-F (about how to work out the net forgiven amount of a debt and how to treat it) do not apply in respect of the debt.
Division 245
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Forgiveness of commercial debts
Subdivision 245-C
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Calculation of gross forgiven amount of a debt
Working out the gross forgiven amount
SECTION 245-75
Gross forgiven amount
of a debt
245-75(1)
The gross forgiven amount of a debt is:
(a) if section 245-65 does not apply to the debt - the value of the debt when it was *forgiven (worked out under section 245-55 , 245-60 or 245-61 ); or
(b) if the value of the debt when it was forgiven exceeds the amount offset under section 245-65 in relation to the debt - the excess. 245-75(2)
If the value of the debt when it was *forgiven is equal to or less than the amount offset:
(a) there is no gross forgiven amount in respect of the debt; and
(b) Subdivisions 245-D to 245-F (about how to work out the net forgiven amount of a debt and how to treat it) do not apply in respect of the debt.
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