Document ID: chunk:federal_register_of_legislation:C2025C00029:section:8:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 8 (pt 5/30)
Character Range: 4175026–4177637

a debt *forgiven during the forgiveness income year; and
 (b) there is taken to be, in respect of the debt of each partner, a *net forgiven amount worked out in accordance with the following formula:
  where:
  partner's share of net income means the part of the net income of the partnership for the forgiveness income year that is included in the partner's assessable income.
 (3) If there is a *partnership loss in relation to the partnership in respect of the *forgiveness income year:
 (a) each partner is taken to have had a debt *forgiven during the forgiveness income year; and
 (b) there is taken to be, in respect of the debt of each partner, a *net forgiven amount worked out in accordance with the following formula:
  where:
  partner's share of partnership loss means the part of the partnership loss that the partner has deducted or can deduct.
 (4) The *total net forgiven amount of a partner for the *forgiveness income year as worked out under subsection 245‑105(1) includes the *net forgiven amount worked out in relation to the partner under this section.
 (5) This section has effect in relation to a partnership irrespective of any agreement between the partners as to the operation of this section.

Subdivision 245‑G—Record keeping

245‑265  Keeping and retaining records
 (1) If you incur a debt, you must keep any records that are necessary to enable the following matters to be readily found out:
 (a) the date on which you incurred the debt;
 (b) the identity of the creditor;
 (c) the amount of the debt;
 (d) the terms of repayment of the debt;
 (e) if the debt is not a *moneylending debt and you and the creditor were not dealing with each other at *arm's length in respect of the incurring of the debt—your capacity at the time when the debt was incurred to pay the debt when it falls due;
 (f) if your debt is *forgiven—the date of the forgiveness and the amount offset under section 245‑65 (if any) in respect of the debt.
Note: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288‑25 in Schedule 1 to the Taxation Administration Act 1953.
 (2) If a company and another company that are *under common ownership cease to be under common ownership, each company must keep any records that are necessary to enable the following matters to be readily found out:
 (a) the date on which the companies ceased to be under common ownership;
 (b) the identity of each entity that was a *controller (for CGT purposes) of the company immediately before the companies ceased to be under common ownership;
 (c) the identity of