Context: the commercial debt forgiveness rules The commercial debt forgiveness rules are designed to cancel out any ‘gain’ that a person makes when a commercial debt that they owe is forgiven. The rules cancel out this gain by reducing tax losses, net capital losses, certain other deductions and the cost bases of CGT assets up … Continue reading A Change of Heart? The ATO sets out a new position on the natural love and affection exception from the commercial debt forgiveness rules