INCOME TAX ASSESSMENT ACT 1997 - SECT 245.75 Gross forgiven amount of a debt
INCOME TAX ASSESSMENT ACT 1997 - SECT 245.75
Gross forgiven amount of a debt(1) The gross forgiven amount of a debt is:
(a) if section 245 - 65 does not apply to the debt--the value of the debt when it was * forgiven (worked out under section 245 - 55, 245 - 60 or 245 - 61); or
(b) if the value of the debt when it was forgiven exceeds the amount offset under section 245 - 65 in relation to the debt--the excess.
(2) If the value of the debt when it was * forgiven is equal to or less than the amount offset:
(a) there is no gross forgiven amount in respect of the debt; and
(b) Subdivisions 245 - D to 245 - F (about how to work
out the net forgiven amount of a debt and how to treat it) do not apply in
respect of the debt.