Debt write-offs have become more common than creditors would prefer, as the economy and circumstances often do not allow for any other option.
Before considering whether to pursue such an arrangement, one must first confirm the possible tax effects of this debt waiver, which might not be as beneficial as the write-off itself.
• What constitutes a debt benefit, concession, and compromise
• What is excluded from the debt waiver provisions
• Income tax and CGT implications of debt waivers for both the debtor and creditor
• VAT and donations tax implications of debt waivers
• The impact that interest on and structure of financing arrangements might have on debt waivers
• Administrative provisions for the tax return
This course would benefit taxpayers, tax professionals, accountants, and auditors who may encounter these transactions.
