• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.85 Reduction of gross forgiven amount

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.85

Reduction of gross forgiven amount

  (1)   The * gross forgiven amount of your debt is reduced by the sum of the following amounts:

  (a)   any amount that, under a provision of this Act other than this Division, has been, or will be, included in your assessable income for any income year as a result of the * forgiveness of the debt;

  (b)   any amount by which, under a provision of this Act other than this Division, an amount you could otherwise have deducted for any income year has been, or will be, reduced as a result of the forgiveness of the debt (except a reduction under Division   727 (about indirect value shifting));

  (c)   any amount by which the * cost base of any of your * CGT assets has been, or will be, reduced under Part   3 - 1 or 3 - 3 as a result of the forgiveness of the debt.

Note:   Paragraph   (1)(c) does not cover a reduction under Division   727 (indirect value shifting) because that Division is not in Part   3 - 1 or 3 - 3.

  (2)   Subject to section   245 - 90, the amount remaining after reducing the * gross forgiven amount under subsection   (1) is the net forgiven amount of the debt.

Download

No downloadable files available