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02 Dec 08 ATO update: Claiming interest deductions in certain trust arrangements - TD 2008/D16

On 19 November 2008, the ATO sent a broadcast message to tax agents to inform them of draft Taxation Determination TD 2008/D16 (issued the same day) on interest deductions relating to money borrowed by taxpayers to subscribe for units in certain uncommercial trusts. The ATO says that it is currently examining the conduct of entities involved in marketing these uncommercial trust arrangements and in a number of cases it is considering, or are in the process of taking, action against them under the promoter penalty laws which have applied from April 2006.

For a copy of the broadcast message, go here.

For a copy of TD 2008/D16, go here.

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