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  Miscellaneous 2008

Dealing with rights and obligations under contractual arrangements"Rescheduling or cancellation

Source: New South Wales

Published Date: 6 Nov 2008

 

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This paper covers:

  • payments received to induce the rescheduling or cancellation
  • payments made to induce the rescheduling or cancellation
  • impact on characterisation for debt/equity purposes
  • deferral of cash payment - Div 16E and new TOFA rules
  • cross border issues (does IWT or RWT apply?)
  • compounding of interest
  • payments under guarantees
  • suspended interest
  • ordinary income and CGT rules for recipient
  • possible application of the commercial debt forgiveness and other specific anti-avoidance rules
  • closing or selling the business and continuing to pay outgoings (Brown, Jones, Guest).
Author(s)

Individual Session

Managing debt rights and obligations - Some key tax issues

Author(s): Peter Mccullough CTA
Materials from this session:

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