Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.470

Forgiveness of commercial debts

    If a gain that you make from a * financial arrangement arises from the * forgiveness of a debt to which Subdivisions   245 - C to 245 - G apply, the gain is reduced by:

  (a)   if section   245 - 90 (about agreements to forgo capital losses or deductions) applies--the debt's provisional net forgiven amount mentioned in that section; or

  (b)   if that section does not apply--the debt's * net forgiven amount.

Note:   Section   51AAA (about a net capital gains limit) of the Income Tax Assessment Act 1936 also has the effect of preventing you from deducting losses.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback