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Tax analysis: Business-related expenses: Brown & Steele - book ends with interest

Published on 01 Jul 99 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

In deciding an appeal by the Commissioner of Taxation in the case of John Joseph Brown (WG 94 of 1998; 1999 FCA 721) in relation to the deductibility of interest payments made after cessation of a business, the Full Federal Court has applied the reasoning expressed by the High Court in Steele's Case (1999) 41 ATR 151 which related to the deductibility of interest payments incurred prior to the commencement of a business. This decision represents a rejection of the Commissioner's long held view that business related expenses are not deductible after the business ceases.

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Tim RETALLACK

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