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102506
Recorded Webinars

Recorded Webinar: Debt Forgiveness - It Can be Cruel to be Kind

Whilst the act of forgiving a debt may relieve all obligations between the borrowing parties, it is not always the end of the story. Before moving on, the income tax implications may require a close look to determine the impact. This session looks into the issues, including: Wh
PRESENTED BY Mark Molesworth Partner - BDO , Brisbane

Date/Time

About the Webinar

Whilst the act of forgiving a debt may relieve all obligations between the borrowing parties, it is not always the end of the story. Before moving on, the income tax implications may require a close look to determine the impact. This session looks into the issues, including:

  • When is a debt a “commercial debt” and why it matters?
  • The interaction of the debt forgiveness rules and Division 7A
  • How the “natural love and affection” exclusion applies in various situations (TD 2022/1)
  • In what situations can the Commissioner’s discretion be exercised to not treat debt forgiveness as a dividend?
  • The future tax impact on retained earnings and franking credits after a shareholder forgives a loan owed by a company
  • Can converting a debt to equity trigger the commercial debt forgiveness rules?
  • Case study

Presented By

Mark Molesworth
Partner, BDO Brisbane, QLD

Mark is a partner with chartered accounting firm BDO’s tax division. He has more than 20 years’ experience in advising taxpayers with respect to all areas of taxation including CGT, FBT, and income tax.

Some of his areas of speciality include international tax, the small business CGT concessions, the debt/equity provisions and the trust loss provisions.

He also provides taxation advice to other smaller accounting and legal practices in respect of their clients.

Mark has Bachelor of Commerce and Bachelor of Laws degrees from the University of Queensland and is a Chartered Accountant and Chartered Tax Adviser.

Who Should Attend?

This webinar is suitable for accountants advising in taxation matters – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

CPD Information

Accountants can claim up to 1 CPD hour. This webinar has been designed to run for 1 hour, however, webinar lengths can vary depending on the level of questions and discussion.

While TEN takes all reasonable care to include accurate and up-to-date information regarding CPD category classifications and compliance obligations, information regarding CPD point allocation are provided as a guide only. Allocation of CPD points is subject to the CPD requirements of your jurisdiction, personal circumstances and professional requirements. You are solely responsible for determining whether a particular product is appropriate for your CPD requirements.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]

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