Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 245 - Forgiveness of commercial debts  

Subdivision 245-E - Application of net forgiven amounts  

General operative provisions

SECTION 245-105   How total net forgiven amount is applied  

245-105(1)    
Your total net forgiven amount for the *forgiveness income year is the total of the *net forgiven amounts of all your debts that are *forgiven in that year.

Note 1:

The total net forgiven amount may be reduced under section 707-415 .

Note 2:

The total net forgiven amount of a partner in a partnership is affected by section 245-215 .

245-105(2)    
Your *total net forgiven amount is applied, in accordance with sections 245-115 to 245-195 , for the *forgiveness income year.