Income Tax Assessment Act 1997
(a) the debtor and the creditor in relation to a debt enter into an *arrangement; and
(b) under the arrangement, the debtor ' s obligation to pay the debt is to cease at a particular future time; and
(c) the cessation of the obligation is to occur without the debtor incurring any financial or other obligation (other than an obligation that, having regard to the debtor ' s circumstances, is of a nominal or insignificant amount or kind); 245-45(2)
If, after the arrangement is entered into, the debt is forgiven, the later forgiveness is disregarded for the purposes of those Subdivisions.