Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-10 - FINANCIAL TRANSACTIONS

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Division 245 - Forgiveness of commercial debts

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Subdivision 245-B - What constitutes forgiveness of a debt

Guide to Subdivision 245-B

SECTION 245-30 What this Subdivision is about

A debt is forgiven if you no longer have to pay it.

However, this Division does not apply to some cases of forgiveness, such as bankruptcy.

TABLE OF SECTIONS

**TABLE OF SECTIONS**
Operative provisions
245-35	What constitutes *forgiveness* of a debt
245-36	What constitutes *forgiveness* of a debt if the debt is assigned
245-37	What constitutes *forgiveness* of a debt if a subscription for shares enables payment of the debt
245-40	Forgivenesses to which operative rules do not apply
245-45	Application of operative rules if forgiveness involves an arrangement