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Waiving or forgiving a loan or debt can trigger a range of complex tax issues for the parties involved.
In this white paper, written by Michael Carruthers, a Tax Director from Knowledge Shop, he works through a number of common scenarios and the tax issues that would typically arise.
He also explores the latest ATO guidance on the forgiveness of unpaid trust distributions as well as some recent cases where the Commissioner has tried to characterise forgiven debts in a way that may surprise many practitioners.
The issues have been dealt with separately for the debtor and creditor.
Disclaimer: The content of this white paper is general information only. It is not legal advice. The statements and opinions are the expression of the author, not Law Central, and have not been checked for their accuracy, completeness or changes in the law. Law Central recommends you seek professional advice before taking any action based on the content of this white paper.
To see our document dealing with Forgiveness of Debt, click here.
To see our document dealing with the Release of an Unpaid Trust Entitlement, click here.
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This document has been prepared by Knowledge Shop Pty Ltd