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Notes Online Home 2014 Practice One-Offs Commercial debt forgiveness
Forgiveness to which the CDF rules do not apply
In this section of the notes we discuss what does not apply to the CDF rules. In particular, the following:
- Debt forgiveness constitutes debt waiver fringe benefit
- An amount of the debt is included in debtor’s assessable income
- Debt forgiveness due to Act related to bankruptcy
- Debt is forgiven under Will
- Debt is forgiven for reasons of natural love and affection
- Forgiveness of a tax related debt