Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 2   Forgiveness of commercial debts

Part 2   Consequential amendments

Income Tax Assessment Act 1997

33   Paragraphs 230-470(a) and (b)

Repeal the paragraphs, substitute:

(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.