Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 245.5

             (1)  Division 245 of the Income Tax Assessment Act 1997 applies to debts forgiven in:

                     (a)  the 2010-11 income year; and

                     (b)  later income years.

             (2)  Despite the repeal of Schedule 2C to the Income Tax Assessment Act 1936, that Schedule continues to apply to debts forgiven in:

                     (a)  the 2009-10 income year; and

                     (b)  earlier income years.

             (3)  Subsection (2) does not limit the effect of section 8 of the Acts Interpretation Act 1901 in relation to the repeal.