20 Nov 088 Interest deductibility: borrowed moneys settled on trust to benefit the borrower and others? - TD 2008/D16This draft Taxation Determination was released on 19 November 2008 for public comment by 19 December 2008. Its full title is "Income tax: is interest on a loan fully deductible under section 8-1 of the Income Tax Assessment Act 1997 when the borrowed moneys are settled by the borrower on trust to benefit the borrower and others?" The answer given is No.
For a copy of TD 2008/D16, go here.