Tax Laws Amendment (2010 Measures No. 2) Act 2010 (75 of 2010)
Schedule 1 Distributions to entities connected with a private company
Income Tax Assessment Act 1936
24 At the end of Subdivision EA of Division 7A of Part III
109XD Forgiveness of loan debt does not give rise to assessable income if loan gives rise to assessable income
An amount is not included in the assessable income for a year of income of the shareholder or associate referred to in subsection 109XA(3) because of the forgiveness of an amount of a debt resulting from a loan if, because of the loan, an amount was included in the assessable income of the shareholder or associate under section 109XB (or former section 109UB) in that or an earlier year of income.