INCOME TAX ASSESSMENT ACT 1936 - SECT 109XD Forgiveness of loan debt does not give rise to assessable income if loan gives rise to assessable income
INCOME TAX ASSESSMENT ACT 1936 - SECT 109XD
Forgiveness of loan debt does not give rise to assessable income if loan gives rise to assessable income An amount is not included in the assessable income for a
year of income of the shareholder or associate referred to in subsection
109XA(3) because of the forgiveness of an amount of a debt resulting
from a loan if, because of the loan, an amount was included in the
assessable income of the shareholder or associate under section 109XB
(or former section 109UB) in that or an earlier year of income.