INCOME TAX ASSESSMENT ACT 1997 - SECT 245.77 Gross forgiven amount shared between debtors

Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 245.77

Gross forgiven amount shared between debtors

If 2 or more entities were liable (except as partners in a partnership) to pay a debt, whether their liability was joint or several, or joint and several, this Subdivision applies as if each entity had a * gross forgiven amount worked out using the formula:

$Start formula start fraction *Gross forgiven amount in relation to the debt over Number of entities liable to pay the debt end fraction end formula$

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