Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:2_9
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 2 cl 9
Character Range: 127398–129049

9  Before Division 247
Insert:

Division 245—Forgiveness of commercial debts

Table of Subdivisions

245‑A Application of Division 245 of the Income Tax Assessment Act 1997

Subdivision 245‑A—Application of Division 245 of the Income Tax Assessment Act 1997

Table of sections

245‑5 Application and saving
245‑10 Pre‑28 June 1996 arrangements etc.

245‑5  Application and saving

 (1) Division 245 of the Income Tax Assessment Act 1997 applies to debts forgiven in:
 (a) the 2010‑11 income year; and
 (b) later income years.

 (2) Despite the repeal of Schedule 2C to the Income Tax Assessment Act 1936, that Schedule continues to apply to debts forgiven in:
 (a) the 2009‑10 income year; and
 (b) earlier income years.

 (3) Subsection (2) does not limit the effect of section 8 of the Acts Interpretation Act 1901 in relation to the repeal.

245‑10  Pre‑28 June 1996 arrangements etc.

 (1) Subdivisions 245‑C to 245‑G of the Income Tax Assessment Act 1997 do not apply to a forgiveness of a debt if the forgiveness occurs in accordance with the terms of an arrangement that:
 (a) was entered into on or before 27 June 1996; and
 (b) is evidenced in writing otherwise than by a document evidencing the arrangement or transaction under which the debt arose.

 (2) Those Subdivisions also do not apply to reduce your expenditure:
 (a) if the asset in respect of which the expenditure was incurred was disposed of by you, or was lost or destroyed, on or before 27 June 1996; or
 (b) to the extent (if any) to which the expenditure was recouped by you on or before 27 June 1996.

Part 2—Consequential amendments

Income Tax Assessment Act 1936