Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 245-40 245-40 Forgivenesses to which operative rules do not apply
Subdivisions 245-C to 245-G do not apply to a *forgiveness of a debt if:
(a) the debt is waived and the waiver constitutes a *fringe benefit; or
Note:
The waiver by an employer of a debt owed by an employee is usually a fringe benefit: see section 14 of the Fringe Benefits Tax Assessment Act 1986 .
(b) the amount of the debt has been, or will be, included in the assessable income of the debtor in any income year; or
(c) the forgiveness is effected under an Act relating to bankruptcy; or
(d) the forgiveness is effected by will; or
(e) the forgiveness is for reasons of natural love and affection; or
(f) the debt is a *tax-related liability or a civil penalty under Division 290 in Schedule 1 to the Taxation Administration Act 1953 (about penalties for promoters and implementers of tax avoidance schemes).
Note:
If the forgiveness of your debt involved an arrangement which was entered into before 28 June 1996, see section 245-10 of the Income Tax (Transitional Provisions) Act 1997 .
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