INCOME TAX ASSESSMENT ACT 1997 - SECT 40.90 Debt forgiveness

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.90

  (1)   This section applies if an amount (the debt forgiveness amount ) is applied in reduction of expenditure for a * depreciating asset in an income year under section   245 - 155 or 245 - 157.

  (2)   The asset's * cost is reduced for that income year by the debt forgiveness amount.

  (3)   The asset's * opening adjustable value for that income year is reduced by the debt forgiveness amount if that income year is later than the one in which its * start time occurs.