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Australia: Deductibility of interest - Steele's case

Publication date: 01 Apr 98 | Source: ASIA-PACIFIC TAX BULLETIN

Issue: Vol 4 No 4

Pages: pp. 132-137

Subs.51(1), the general deduction provision in the ITAA 1936, is extensively analysed against the background of Steele's case and related case law. Issues like the nexus between interest and derivation of income, and whether interest can be capital in the course of a continuing business, are deliberated. Draft Taxation Ruling TR 97/D18 is also discussed.

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Author profile

Michael D'Ascenzo
Michael was appointed to the Foreign Investment Review Board with effect from 2 January 2013. Michael is recognised internationally for his leadership and expertise in taxation, administration, governance and policy. Michael was Commissioner of Taxation from January 2006 to December 2012, where he championed corporate values that put taxpayers and the community at the centre of ATO thinking. In January 2010, he was appointed an Officer of the Order of Australia for service to public administration, and in 2012 he was awarded the Chartered Accountants’ Federal Government Leader of the Year. Michael is currently also a non-executive director of Australia Post and a member of the Clean Energy Regulator, as well as an adjunct professor at UNSW and a professorial fellow at the University of Melbourne. - Current at 21 March 2017
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