New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)

Schedule 2   Value shifting through debt forgiveness

Income Tax Assessment Act 1936

4   Paragraph 245-85(1)(c) of Schedule 2C

Repeal the paragraph, substitute:

(c) any amount by which the cost base to the debtor of any asset for CGT purposes has been, or will be, reduced as a result of the forgiveness of the debt under Part 3-1 or 3-3 of the Income Tax Assessment Act 1997 (except a reduction under Division 139 of that Act).