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On 8 May 2012, the Government announced it will clarify that limited recourse debt includes arrangements where the creditor's right to recover the debt is effectively limited to the financed asset or security provided.

The measure will ensure tax deductions are not available for capital expenditure on assets that have been financed by limited recourse debt, to the extent that the taxpayer is not effectively at risk for the expenditure and does not make an economic loss.

This measure will take effect from 7.30pm (AEST) on 8 May 2012. Tax Laws Amendment (2012 Measures No 6) Bill 2012 and Explanatory Memorandum were introduced into Parliament on 29 November 2012.

The ATO has now published the administrative treatment that it will apply pending the enactment of the changes.


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