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.

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