Private ruling: Division 7A and commercial debt forgiveness
Published: March 2012
Ruling period: The financial year ended 30 June 2012.
Date scheme commenced: 1 July 2011.

Ruling: Issue | This ruling concerned the sale of a property by a company.

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The company owns pre-CGT property. The company is going to sell the property.

Relevant legislative provisions: section 104-5 of the ITAA 1997 | section 104-10 of the ITAA 1997 | subsection 104-10(5) of the ITAA 1997 | section 104-25 of the ITAA 1997 | subsection 104-25(3) of the ITAA 1997 | section 104-230 of the ITAA 1997 | subsection 104-230(2) of the ITAA 1997 | paragraph 104-230(2)(a) of the ITAA 1997 | paragraph 104-230(2)(b) of the ITAA 1997 | subsection 104-230(8) of the ITAA 1997 | section 118-20 of the ITAA 1997 | section 149-10 of the ITAA 1997 | subsection 149-15(1) of the ITAA 1997 | section 149-30 of the ITAA 1997 | Division 245 of the ITAA 1997 | section 245-35 of Schedule 2C to the ITAA 1997 | subsection 245-35(1) of Schedule 2C to the ITAA 1997 | section 245-36 of Schedule 2C to the ITAA 1997 | section 44 of the ITAA 1936 | subsection 44(1) of the ITAA 1936 | section 47 of the ITAA 1936 | subsection 47(1) of the ITAA 1936 | subsection 47(1A) of the ITAA 1936 | subsection 47(2) of the ITAA 1936 | subsection 47(2A) of the ITAA 1936 | subsection 47(2B) of the ITAA 1936 | section 109D of the ITAA 1936 | subsection 109D(1A) of the ITAA 1936 | section 109F of the ITAA 1936 | subsection 109F(1) of the ITAA 1936 | subsection 109F(8) of the ITAA 1936 | section 109N of the ITAA 1936 | section 109NA of the ITAA 1936 | section 601AA of the Corporations Act 1989

Reasons for decision: Summary: The Commissioner has ruled on each of the specific questions.

Please check this edited version to be sure that there are no details remaining that you think may allow you to be identified. If you have any concerns about this ruling you wish to discuss, you will find our contact details in the fact sheet.