Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf your debt has been assigned as mentioned in section 245 - 36 and is later * forgiven by the new creditor, the value of that debt when it is later forgiven is:
(a) if the debt was not a * moneylending debt and the creditor and the new creditor were not dealing with each other at * arm's length in connection with the assignment--the * market value of the debt at the time of the assignment; or
(b) in any other case--the sum of:
(i) the amount or market value of the consideration (if any) you paid or gave, or are required to pay or give, to the creditor in respect of the assignment; and
(ii) the amount or market value of the consideration (if any)
the new creditor paid or gave in respect of the assignment.