INCOME TAX ASSESSMENT ACT 1997 - SECT 245.37 What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt
INCOME TAX ASSESSMENT ACT 1997 - SECT 245.37
What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt If an entity subscribes for * shares in a company to enable the
company to make a payment in or towards discharge of a debt it owes to the
entity, the debt is forgiven when, and to the extent that, the company applies
any of the money subscribed in or towards payment of the debt.