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
40 Subsection 707-415(2) (table item 1)
Repeal the item, substitute:
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1 |
(a) the joining entity owed a debt just before the joining time to an entity that was not a*member of the group at the joining time; and (b) the loss is wholly or partly attributable to the debt; and (c) Subdivision 245-E (about applying the total net forgiven amount to reduce other amounts) applies in relation to the debt (or another debt that is reasonably connected to the debt) because the debt is*forgiven after the joining time |
the*total net forgiven amount |
applying that total net forgiven amount in accordance with sections 245-115, 245-130, 245-145 and 245-175 |