Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteSubdivisions 245-C to 245-G of the Income Tax Assessment Act 1997 do not apply to a forgiveness of a debt if the forgiveness occurs in accordance with the terms of an arrangement that:
(a) was entered into on or before 27 June 1996; and
(b) is evidenced in writing otherwise than by a document evidencing the arrangement or transaction under which the debt arose.
245-10(2)
Those Subdivisions also do not apply to reduce your expenditure:
(a) if the asset in respect of which the expenditure was incurred was disposed of by you, or was lost or destroyed, on or before 27 June 1996; or
(b) to the extent (if any) to which the expenditure was recouped by you on or before 27 June 1996.
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