Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:2_8:p4
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 2 cl 8 (pt 4/6)
Character Range: 119253–121967

year, are reduced by that amount.

 (2) The reduction by a particular amount of the *cost base and *reduced cost base of a particular *CGT asset is, for the purpose of working out the amount by which the *total net forgiven amount remaining is applied, taken to be a reduction by the particular amount (and not by the sum of the amounts by which those cost bases are reduced).

 (3) The maximum amount by which the *cost base and *reduced cost base of a *CGT asset may be reduced is the amount that, apart from sections 245‑175 to 245‑185, would be the reduced cost base of the asset calculated as if a *CGT event had happened to the asset:
 (a) subject to paragraph (b), on the first day of the *forgiveness income year; or
 (b) if, after the beginning of that income year, an event occurred that would cause the reduced cost base of the asset to be reduced—on the day on which the event occurred;
and the asset had been *disposed of at its *market value on the day concerned.

Unapplied total net forgiven amount

245‑195  No further consequences if there is any remaining unapplied total net forgiven amount

 (1) If any part of the *total net forgiven amount remains after the application of that amount in making reductions under the preceding provisions of this Subdivision, the remaining part is disregarded.

 (2) This section has effect subject to section 245‑215 (about partnerships and transferring the remaining part to the partners).

Subdivision 245‑F—Special rules relating to partnerships

Guide to Subdivision 245‑F

245‑200  What this Subdivision is about

      Any part of a partnership's total net forgiven amount left over after applying it under Subdivision 245‑E is divided between the partners. Each partner treats the partner's share as a net forgiven amount the partner has for the income year.

Table of sections

Operative provisions

245‑215 Unapplied total net forgiven amount of a partnership is transferred to partners

Operative provisions

245‑215  Unapplied total net forgiven amount of a partnership is transferred to partners

 (1) This section applies if any part (the residual amount) of the *total net forgiven amount in relation to a partnership in respect of the *forgiveness income year remains after the total net forgiven amount has been applied in accordance with Subdivision 245‑E.

 (2) If there is a *net income 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 net