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Forgiven not forgotten paper

Published on 18 Mar 05 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

This paper covers debt forgiveness - the current state of play. Including:

  • what will constitute a debt forgiveness?
  • what will not constitute a debt forgiveness?
  • what should not constitute a debt forgiveness?
  • consequences of a debt forgiveness - taxable income or Schedule 2C?
  • the approach of the ATO
  • what type of situations are most likely to be attacked by the ATO?
  • unresolved issues.

Author profile:

Author Photo - Michael Hine CTA
Michael Hine CTA
Michael was admitted to the partnership of KPMG in July 1999 after 11 years in chartered accountancy. He has extensive knowledge of most major taxes including payroll tax, income tax and fringe benefits tax and consults regularly on the practical implications of the GST. Michael was the adviser to the Tasmanian Government’s GST Implementation Program. He was the State Chairman of The Tax Institute in 2001, was a member of the National Executive of the Institute and the Chairman of the Institute’s National Technical Committee. Michael has been a member of the Commissioner’s Division 7A reference group since its inception and was instrumental in lobbying for the changes that saw the introduction of s 109RB discretions. Current at 18 September 2013 Click here to expand/collapse more articles by Michael HINE.
 

This was presented at 20th National Convention: Tax Unmasked.

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