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?
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
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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