Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 245.10

  (1)   Subdivisions   245 - C to 245 - G of the Income Tax Assessment Act 1997 do not apply to a forgiveness of a debt if the forgiveness occurs in accordance with the terms of an arrangement that:

  (a)   was entered into on or before 27   June 1996; and

  (b)   is evidenced in writing otherwise than by a document evidencing the arrangement or transaction under which the debt arose.

  (2)   Those Subdivisions also do not apply to reduce your expenditure:

  (a)   if the asset in respect of which the expenditure was incurred was disposed of by you, or was lost or destroyed, on or before 27   June 1996; or

  (b)   to the extent (if any) to which the expenditure was recouped by you on or before 27   June 1996.

Table of Subdivisions

247 - A   Interim apportionment methodology

247 - B   Other transitional provisions

Table of sections

247 - 5   Interim apportionment methodology

247 - 10   Products listed on the Australian Stock Exchange that have explicit put options

247 - 15   Other capital protected products

247 - 20   The indicator method

247 - 25   The percentage method