Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
1 Subsection 22(1)
Repeal the subsection, substitute:
General
(1) In relation to a transfer of a debt, these rules about deductions for bad debts have effect as shown in the table:
(a) section 25‑35 of the Income Tax Assessment Act 1997 ;
(b) subsection 63(1A) of the Income Tax Assessment Act 1936 .
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Effect of rules about deductions for bad debts |
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Case |
If: |
then those rules have effect as if: |
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1 |
the debt was included in the transferring corporation's assessable income of a year of income |
the debt had been included in the receiving corporation's assessable income of that year of income |
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2 |
the debt is in respect of money lent by the transferring corporation in the ordinary course of its business of lending money |
the debt were in respect of money lent by the receiving corporation in the ordinary course of a business of lending money |
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3 |
the transferring corporation bought the debt in the ordinary course of its business of lending money |
the receiving corporation had bought the debt in the ordinary course of a business of lending money |
2 Application of amendment
The amendment made by item 1 applies to assessments for the 1997‑98 year of income and later years of income.
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