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24 Jan 13 Interest on full recourse loan used to prepay capital protected borrowing interest - TD 2013/1

On 23 January 2013, the ATO issued Taxation Determination TD 2013/1 entitled "Income tax: will interest on a full recourse loan be denied deductibility as a consequence of Division 247 of ITAA 1997 where that loan is used to prepay interest on another loan which is a capital protected borrowing?"

It was previously issued in draft form as TD 2012/D10.

The answer given in the Taxation Determination is No.


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