Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 243.75

  (1)   This section is to remove doubt about how this Division and Division   245 apply where both apply to the same debt.

  (2)   Where both apply:

  (a)   this Division is to be applied first and is to be applied disregarding any operation of Division   245; and

  (b)   any amounts included in assessable income under this Division are taken into account under paragraph   245 - 85(1)(a).

Table of Subdivisions

  Guide to Division   245

245 - A   Debts to which operative rules apply

245 - B   What constitutes forgiveness of a debt

245 - C   Calculation of gross forgiven amount of a debt

245 - D   Calculation of net forgiven amount of a debt

245 - E   Application of net forgiven amounts

245 - F   Special rules relating to partnerships

245 - G   Record keeping