Income Tax Assessment Act 1997
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Hide history noteSECTION 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.
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