Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

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History

Part 3-10 inserted by No 72 of 2001.

Division 245 - Forgiveness of commercial debts  

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History

Div 245 inserted by No 79 of 2010 , s 3 and Sch 2 item 2, effective 1 July 2010.

Subdivision 245-A - Debts to which operative rules apply  

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History

Subdiv 245-A inserted by No 79 of 2010 , s 3 and Sch 2 item 2, effective 1 July 2010.

Application of Division

SECTION 245-10  

245-10   Commercial debts  

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Subdivisions 245-C to 245-G apply to a debt of yours if:

(a) the whole or any part of interest, or of an amount in the nature of interest, paid or payable by you in respect of the debt has been deducted, or can be deducted, by you; or

(b) interest, or an amount in the nature of interest, is not payable by you in respect of the debt but, had interest or such an amount been payable, the whole or any part of the interest or amount could have been deducted by you; or

(c) interest or an amount mentioned in paragraph (a) or (b) could have been deducted by you apart from the operation of a provision of this Act (other than paragraphs 8-1(2) (a), (b) and (c)) that has the effect of preventing a deduction.

Note:

Paragraphs 8-1(2) (a), (b) and (c) prevent deductions for capital, private or domestic outgoings and for outgoings relating to exempt income or non-assessable non-exempt income.

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History

S 245-10 inserted by No 79 of 2010 , s 3 and Sch 2 item 2, effective 1 July 2010.

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