Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.75

  (1)   The gross forgiven amount of a debt is:

  (a)   if section   245 - 65 does not apply to the debt--the value of the debt when it was * forgiven (worked out under section   245 - 55, 245 - 60 or 245 - 61); or

  (b)   if the value of the debt when it was forgiven exceeds the amount offset under section   245 - 65 in relation to the debt--the excess.

  (2)   If the value of the debt when it was * forgiven is equal to or less than the amount offset:

  (a)   there is no gross forgiven amount in respect of the debt; and

  (b)   Subdivisions   245 - D to 245 - F (about how to work out the net forgiven amount of a debt and how to treat it) do not apply in respect of the debt.