s 245-5
In forceApplication and saving
Chapter 3Specialist liability rules
Part 3-10Financial transactions
Division 245Forgiveness of commercial debts
Subdivision 245-AApplication of Division 245 of the Income Tax Assessment Act 1997
245-5 Application and saving
(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.
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