The romantics of the Australian Tax Office have changed their official definition of "love", toughening rules for the wiping of costly debt in time for Valentine's Day.
Since 1996, a non-binding ATO guidance has allowed corporate debt to be forgiven by creditors because of "their natural love and affection" for debtors – avoiding any negative tax implications involving matters of the heart.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
