Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
CG 2: Remitted amounts
or “Explaining how forgiven debts become taxable income”
You could also call this:

“Removed: Tax rules for money forgiven when leaving bankruptcy”

This part of the law is no longer in effect. It used to be about how money that was forgiven when someone got out of bankruptcy was treated for income tax purposes. The government removed this section from the law on 30 March 2017. If you need to know about how bankruptcy affects your taxes now, you should look at other parts of the law or ask a grown-up for help.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: CG 2C: Remitted and other amounts: companies in liquidation

or “Tax implications for company groups when debts are cancelled during liquidation”
Next

Part C Income
Recoveries

CG 2BRemitted amounts on discharge from bankruptcy (Repealed)

    Notes
    • Section CG 2B: repealed, on , by section 27 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).