Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The * gross forgiven amount of your debt is reduced by the sum of the following amounts:
(a) any amount that, under a provision of this Act other than this Division, has been, or will be, included in your assessable income for any income year as a result of the * forgiveness of the debt;
(b) any amount by which, under a provision of this Act other than this Division, an amount you could otherwise have deducted for any income year has been, or will be, reduced as a result of the forgiveness of the debt (except a reduction under Division 727 (about indirect value shifting));
(c) any amount by which the * cost base of any of your * CGT assets has been, or will be, reduced under Part 3 - 1 or 3 - 3 as a result of the forgiveness of the debt.
Note: Paragraph (1)(c) does not cover a reduction under Division 727 (indirect value shifting) because that Division is not in Part 3 - 1 or 3 - 3.
(2) Subject to section 245 - 90, the amount remaining after reducing the * gross forgiven amount under subsection (1) is the net forgiven amount of the debt.