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Forgive but don't forget - commercial debt forgiveness seminar paper

Published on 15 Oct 04 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Forgiven a debt lately? Gain an understanding of when and how the commercial debt forgiveness provisions apply in practice.
- what is a commercial debt and what constitutes 'forgiveness'?
- calculating the gross and net forgiven amount
- applying the net forgiven amount (carry forward losses, cost bases and group companies)
- interaction with Div 7A and debt/equity provisions.

Author profile:

Prof Gordon Cooper CTA Life
Professor Cooper is a Chartered Accountant in sole practice at Cooper & Co. He is an Adjunct Professor in the School of Taxation and Business Law (incorporating the Australian School of Taxation) at the University of New South Wales. In June 2003, he was awarded an AM in the Queen’s birthday honours for “Services to the tax profession and to the community as an adviser on national taxation and legislative reform, and through education and professional organisations”. Together with Chris Evans and Kirk Wilson, he is an author of the Australian CGT Handbook, now in its seventh edition. Current at 11 March 2016 Click here to expand/collapse more articles by Gordon S COOPER.
 

This was presented at SA Tax Intensive Seminar.

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Individual sessions

Forgive but don't forget - commercial debt forgiveness

Author(s):  Gordon S COOPER

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