Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p2
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 2/64)
Character Range: 403901–406685

income under former Subdivision 42‑F or 42‑G of the Income Tax Assessment Act 1997 and former subsection 59(2) of the Income Tax Assessment Act 1936 in the same way as they apply to an amount included in assessable income under section 40‑285 of the Income Tax Assessment Act 1997.

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.

Division 247—Capital protected borrowings

Table of Subdivisions
247‑A Interim apportionment methodology
247‑B Other transitional provisions

Subdivision 247‑A—Interim apportionment methodology

Table of sections
247‑5 Interim apportionment methodology
247‑10 Products listed on the Australian Stock Exchange that have explicit put options
247‑15 Other capital protected products
247‑20 The indicator method
247‑25 The percentage method

247‑5  Interim apportionment methodology
  The methodology set out in this Subdivision must be used to work out how much of an amount that a borrower incurs under or in respect of a capital protected borrowing is reasonably attributable to the capital protection provided under the capital protected borrowing if the capital protected borrowing is entered into or extended at or after 9.30 am, by legal time in the Australian Capital Territory, on 16 April 2003 and before 1 July 2007.
Note: To work out how much of such an