INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 245 - Forgiveness of commercial debts  

Subdivision 245-A - Application of Division 245 of the Income Tax Assessment Act 1997  

SECTION 245-5   Application and saving  

245-5(1)  
Division 245 of the Income Tax Assessment Act 1997 applies to debts forgiven in:


(a) the 2010-11 income year; and


(b) later income years.

245-5(2)  
Despite the repeal of Schedule 2C to the Income Tax Assessment Act 1936 , that Schedule continues to apply to debts forgiven in:


(a) the 2009-10 income year; and


(b) earlier income years.

245-5(3)  
Subsection (2) does not limit the effect of section 8 of the Acts Interpretation Act 1901 in relation to the repeal.




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