Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 245-35 245-35 What constitutes forgiveness of a debt
A debt is forgiven if and when:
(a) the debtor ' s obligation to pay the debt is released or waived, or is otherwise extinguished other than by repaying the debt in full; or
(b) the period within which the creditor is entitled to sue for the recovery of the debt ends, because of the operation of a statute of limitations, without the debt having been paid.
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