INCOME TAX ASSESSMENT ACT 1997 - SECT 245.37 What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt

Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 245.37

What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt

If an entity subscribes for * shares in a company to enable the company to make a payment in or towards discharge of a debt it owes to the entity, the debt is forgiven when, and to the extent that, the company applies any of the money subscribed in or towards payment of the debt.

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