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2020 Private Business Online Series Part 6: The potential cost of forgiving debts

Published on 29 Jul 2020 | Took place at Online, National

This session provided a refresher and an update on the income tax issues to consider when forgiving or restructuring debts, focusing on the consequences for debtors under the commercial debt forgiveness provisions.

Individual sessions

The potential cost of forgiving debts

Author(s):  Tristan Boyd

This paper covers:

  • debts subject to the rules
  • forgiveness
  • gross forgiven amount
  • net forgiven amount
  • application of net forgiven amount
  • record keeping.
Materials from this session: