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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:

Gordon S COOPER
Gordon is a chartered accountant in sole practice as a tax consultant. He has a particular emphasis on capital gains tax and is the editor of Cooper’s Capital Gains Tax Guide, which is a loose-leaf service published by Australian Tax Practice and the author of Cooper’s TLIP Capital Gains Tax. He advises on the taxation of international transactions and corporate matters as well as tax matters generally. He is a former President of the Taxation Institute of Australia and is President of the Committee of the Australian Branch of the International Fiscal Association. He is a Visiting Professorial Fellow at the Australian School of Taxation in the Law Department of the University of New South Wales.
Current at 17 October 2008 Current at 11 May 2009 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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