Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 245-80 What this Subdivision is about
The net forgiven amount of a debt is worked out by subtracting, from the gross forgiven amount of the debt, any amount that this Act already takes into account for the debtor because the debt was forgiven (for example, if some part of the forgiven amount is treated as the debtor ' s ordinary income).
If the debtor and creditor were companies under common ownership, they may agree to transfer some of the net forgiven amount from the debtor to the creditor. The creditor must apply that amount to reduce the capital loss or deduction it has because of the forgiveness.
| Operative provisions | |
| 245-85 | Reduction of gross forgiven amount |
| 245-90 | Agreement between companies under common ownership for creditor to forgo capital loss or deduction |
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