• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.105 How total net forgiven amount is applied

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.105

How total net forgiven amount is applied

  (1)   Your total net forgiven amount for the * forgiveness income year is the total of the * net forgiven amounts of all your debts that are * forgiven in that year.

Note 1:   The total net forgiven amount may be reduced under section   707 - 415.

Note 2:   The total net forgiven amount of a partner in a partnership is affected by section   245 - 215.

  (2)   Your * total net forgiven amount is applied, in accordance with sections   245 - 115 to 245 - 195, for the * forgiveness income year.

Download

No downloadable files available