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Edited version of your private ruling
Authorisation Number: 1012080099910
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Ruling
Subject: Division 7A and commercial debt forgiveness
Issue
This ruling concerned the sale of a property by a company.
This ruling applies for the following period:
The financial year ended 30 June 2012.
The scheme commences on:
1 July 2011.
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The company owns pre-CGT property. The company is going to sell the property.
Relevant legislative provisions
section 104-5 of the ITAA 1997
section 104-10 of the ITAA 1997
subsection 104-10(5) of the ITAA 1997
section 104-25 of the ITAA 1997
subsection 104-25(3) of the ITAA 1997
section 104-230 of the ITAA 1997
subsection 104-230(2) of the ITAA 1997
paragraph 104-230(2)(a) of the ITAA 1997
paragraph 104-230(2)(b) of the ITAA 1997
subsection 104-230(8) of the ITAA 1997
section 118-20 of the ITAA 1997
section 149-10 of the ITAA 1997
subsection 149-15(1) of the ITAA 1997
section 149-30 of the ITAA 1997
Division 245 of the ITAA 1997
section 245-35 of Schedule 2C to the ITAA 1997
subsection 245-35(1) of Schedule 2C to the ITAA 1997
section 245-36 of Schedule 2C to the ITAA 1997
section 44 of the ITAA 1936
subsection 44(1) of the ITAA 1936
section 47 of the ITAA 1936
subsection 47(1) of the ITAA 1936
subsection 47(1A) of the ITAA 1936
subsection 47(2) of the ITAA 1936
subsection 47(2A) of the ITAA 1936
subsection 47(2B) of the ITAA 1936
section 109D of the ITAA 1936
subsection 109D(1A) of the ITAA 1936
section 109F of the ITAA 1936
subsection 109F(1) of the ITAA 1936
subsection 109F(8) of the ITAA 1936
section 109N of the ITAA 1936
section 109NA of the ITAA 1936
section 601AA of the Corporations Act 1989
Reasons for decision
The Commissioner has ruled on each of the specific questions.