Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-B - Core provisions  

Operative provisions

SECTION 40-90   Debt forgiveness  

40-90(1)    

This section applies if an amount (the debt forgiveness amount ) is applied in reduction of expenditure for a ^* depreciating asset in an income year under section 245-155 or 245-157 .

40-90(2)    
The asset ' s ^* cost is reduced for that income year by the debt forgiveness amount.

40-90(3)    
The asset ' s ^* opening adjustable value for that income year is reduced by the debt forgiveness amount if that income year is later than the one in which its ^* start time occurs.