Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-10
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FINANCIAL TRANSACTIONS
Division 243
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Limited recourse debt
Subdivision 243-D
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Special provisions
Operative provisions
SECTION 243-75 Application of Division where debt forgiveness rules also apply 243-75(1)
This section is to remove doubt about how this Division and Division 245 apply where both apply to the same debt.
243-75(2)
Where both apply:
(a) this Division is to be applied first and is to be applied disregarding any operation of Division 245 ; and
(b) any amounts included in assessable income under this Division are taken into account under paragraph 245-85(1)(a) .
View history note
Hide history noteSECTION 243-75 Application of Division where debt forgiveness rules also apply 243-75(1)
This section is to remove doubt about how this Division and Division 245 apply where both apply to the same debt.
243-75(2)
Where both apply:
(a) this Division is to be applied first and is to be applied disregarding any operation of Division 245 ; and
(b) any amounts included in assessable income under this Division are taken into account under paragraph 245-85(1)(a) .
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