INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 245 - Forgiveness of commercial debts  

Subdivision 245-E - Application of net forgiven amounts  

Reduction of expenditure

SECTION 245-150   Allocation of remaining total net forgiven amount in respect of expenditures  

245-150(1)  
You may choose:


(a) the order in which your expenditures are reduced; and


(b) the amount applied in reduction of each of those expenditures;

so long as that the *total net forgiven amount remaining is applied, to the maximum extent possible, in reduction of your expenditures.

245-150(2)  
If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.


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