Tax Law Improvement Act 1997 (121 of 1997)

Schedule 4   Deductions

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

7   Section 12-5 (table item headed 'bad debts')

Omit:

general

 

63, 63F

substitute:

deduction reduced because of forgiveness of debt if debtor and creditor are companies under common ownership and agree on the reduction

 


245-90 of Schedule 2C

general

 

25-35, 63F


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