INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 230 - Taxation of financial arrangements  

Subdivision 230-H - Exceptions  

SECTION 230-470   230-470   Forgiveness of commercial debts  


If a gain that you make from a *financial arrangement arises from the *forgiveness of a debt to which Subdivisions 245-C to 245-G apply, the gain is reduced by:


(a) if section 245-90 (about agreements to forgo capital losses or deductions) applies - the debt's provisional net forgiven amount mentioned in that section; or


(b) if that section does not apply - the debt's *net forgiven amount.


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