Income Tax (Transitional Provisions) Act 1997

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:

was entered into on or before 27 June 1996; and

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

Those Subdivisions also do not apply to reduce your expenditure:

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

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