Deductibility of interest prepayments
01 Mar 99 |
AUSTRALIAN TAX REVIEW
Issue: Vol 28, No 1
The prepayment of interest has proved to be a popular mechanism by which taxpayers are able to obtain a more immediate relief from taxation by sheltering a current stream of otherwise assessable receipts. The legislation has sought to deal with some of the consequences of interest prepayments, particularly negatively geared investments. It is also sound business practice to do so. Recently developments has limited the ability to obtain tax relief through artifically created schemes, and so has reduced the need for further legislative amendments.
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Bill (Nabill) is a practicing member of the Victorian Bar who specialises in state and federal taxation law as well as trusts, succession, property and corporations law. He has published widely including a book on comparative anti
avoidance rules published in the UK and a joint book with R Deutsch titled, Income Tax and GST Planning
StrateDistributing to Corporate
- Current at
23 July 2010