Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 243.75

             (1)  This section is to remove doubt about how this Division and Division 245 apply where both apply to the same debt.

             (2)  Where both apply:

                     (a)  this Division is to be applied first and is to be applied disregarding any operation of Division 245; and

                     (b)  any amounts included in assessable income under this Division are taken into account under paragraph 245-85(1)(a).

Table of Subdivisions

             Guide to Division 245

245-A   Debts to which operative rules apply

245-B    What constitutes forgiveness of a debt

245-C    Calculation of gross forgiven amount of a debt

245-D   Calculation of net forgiven amount of a debt

245-E    Application of net forgiven amounts

245-F    Special rules relating to partnerships

245-G   Record keeping

Guide to Division 245