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Debt forgiveness presentation

Published on 28 Feb 08 by VICTORIAN DIVISION, THE TAX INSTITUTE

This presentation addresses the following tax issues:

  • what debts are caught by the commercial debt forgiveness rules?
  • what happens if an unpaid trust entitlement is forgiven?
  • what needs to happen for a debt to be "forgiven"?
  • will a debt be forgiven if it is merely written off in the accounts?
  • are the commercial debt forgiveness rules really a problem?
  • the interaction of Division 7A and debt forgiveness
  • what happens if a company forgives a loan previously caught by Division 7A?
  • the dangers in forgiving debts owed to trusts and companies which have made family trust and interposed entity elections
  • when is a debt forgiveness assessable as income?
  • can a capital loss be claimed in respect of a forgiven loan?
  • what are the dangers of assigning loan accounts?

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Noel BEHARIS
Current at 18 January 2012 Click here to expand/collapse more articles by Noel BEHARIS.
 

 

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