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

Schedule 2   Forgiveness of commercial debts

Part 1   Main amendments

Income Tax Assessment Act 1997

3   Subsection 995-1(1)

Insert:

forgive a debt has the meaning given by sections 245-35, 245-36 and 245-37.

Note: Subdivisions 245-C to 245-G (about forgiveness of commercial debts) apply to certain arrangements as if the arrangements were forgiveness of debts: see section 245-45.