Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:2_2:p7
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 7/7)
Character Range: 92189–93739

interest in the property.

245‑61  Special rule for working out the value of a previously assigned debt

  If your debt has been assigned as mentioned in section 245‑36 and is later *forgiven by the new creditor, the value of that debt when it is later forgiven is:
 (a) if the debt was not a *moneylending debt and the creditor and the new creditor were not dealing with each other at *arm's length in connection with the assignment—the *market value of the debt at the time of the assignment; or
 (b) in any other case—the sum of:
 (i) the amount or market value of the consideration (if any) you paid or gave, or are required to pay or give, to the creditor in respect of the assignment; and
 (ii) the amount or market value of the consideration (if any) the new creditor paid or gave in respect of the assignment.

Working out if an amount is offset against the value of the debt

245‑65  Amount offset against amount of debt

 (1) The table explains how to work out the amount (if any) that is offset against the value of a debt when it is forgiven (calculated under section 245‑55, 245‑60 or 245‑61) in working out the *gross forgiven amount of the debt.

Amount offset against value of debt
Item                                 Column 1                                                                                                                   Column 2
                                     In this case:                                                                                                              the amount offset is: