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Individual Podcasts
She Loves Me, She Loves Me Not: Commercial Debt Forgiveness (CDF) and Natural Love and Affection
The recent ATO determination relating to when the exclusion from the CDF rules will apply for reasons of natural love and affection, is a good opportunity to revisit the CDF rules along with looking into how the recent ATO guidance will apply. This session does just that, includin
PRESENTED BY
Burton Andrews
Associate Director - Tax, BDO
Date/Time
About the Podcast
The recent ATO determination relating to when the exclusion from the CDF rules will apply for reasons of natural love and affection, is a good opportunity to revisit the CDF rules along with looking into how the recent ATO guidance will apply. This session does just that, including:
- For the natural love and affection exclusion, does:
- the creditor have to be a natural person?
- the debtor have to be a natural person?
- How to determine if a debt is a commercial debt
- When will the creditor be entitled to a capital loss?
- What documentation should be maintained if a debtor is forgiven?
- When can Division 7A apply to a forgiven debt?
- Interaction of the CDF provisions if Division 7A applies
- Can the Commissioner’s discretion under section 109RB be a viable option to pursue when a forgiven debt is deemed be a Division 7A dividend?
- How does the statute of limitations apply to debts forgiven by a private company?
- Case studies
Presented By
Burton Andrews
Associate Director - Tax, BDOCPD Information
0.5 CPD hours