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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2020 Tax Hot Spots II COVID-19 Update
Key tax issues for creditors and debtors
In this segment of the seminar notes we discuss the key issues for creditors and debtors, in more detail:
• When can a creditor claim a deduction for a bad debt?
• What are the tax implications for debtors if a debt has been forgiven?