New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)
Schedule 2 Value shifting through debt forgiveness
Income Tax Assessment Act 1936
4 Paragraph 245-85(1)(c) of Schedule 2C
Repeal the paragraph, substitute:
(c) any amount by which the cost base to the debtor of any asset for CGT purposes has been, or will be, reduced as a result of the forgiveness of the debt under Part 3-1 or 3-3 of the Income Tax Assessment Act 1997 (except a reduction under Division 139 of that Act).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
