Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 245-48 What this Subdivision is about
The amount of forgiveness (called the gross forgiven amount) for the debtor reflects the loss that the creditor makes for tax purposes. It is worked out in 2 steps:
The difference between the value of the debt and the amount offset is the gross forgiven amount.
If the debt was owed by several debtors, the gross forgiven amount is divided between them equally.
| Working out the value of a debt | |
| 245-50 | Extent of forgiveness if consideration is given |
| 245-55 | General rule for working out the value of a debt |
| 245-60 | Special rule for working out the value of a non-recourse debt |
| 245-61 | Special rule for working out the value of a previously assigned debt |
| Working out if an amount is offset against the value of the debt | |
| 245-65 | Amount offset against amount of debt |
| Working out the gross forgiven amount | |
| 245-75 | Gross forgiven amount of a debt |
| 245-77 | Gross forgiven amount shared between debtors |
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
