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Gone but not forgotten seminar paper

Published on 05 Nov 04 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

A specific example - debt forgiveness - what's the current state of play following the recent cases that were settled? This paper includes:

  • what will constitute a debt forgiveness?
  • what will not constitute a debt forgiveness? (eg. payment of commercial debt by guarantor not a debt forgiveness - TD 2004/17)
  • consequences of a debt forgiveness
  • the approach of the ATO including TR 2001/9
  • what types of situations are most likely to be attacked by the ATO?
  • unresolved issues.

Author profile:

Joe LOMBARDO
Joe is a KPMG Tax Partner who has extensive experience advising on debt forgiveness and similar transactions. Joe is a member of the NSW State Council and Education Committee for the Taxation Institute.
Current at 10 September 2004
Click here to expand/collapse more articles by Joe LOMBARDO.
 

This was presented at NSW Annual Intensive Retreat: Managing tax risk for corporate taxpayers.

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