INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision G - Limitation on deductions for interest on money borrowed to finance rental property investments  

SECTION 82KZE  

82KZE   CARRY FORWARD OF EXCESS RENTAL PROPERTY LOAN INTEREST  
Where the rental property loan interest of the taxpayer in relation to a year of income exceeds the sum of:

(a) the amount (if any) of the deduction allowable to the taxpayer under section 51 in the year of income in respect of that rental property loan interest; and

(b) the amount (if any) by which a capital gain or capital gains that, but for subsection 160ZA(1) , would be deemed by Part IIIA to have accrued to the taxpayer during the year of income in respect of the disposal of a prescribed asset or prescribed assets (within the meaning of section 160ZA ) is reduced by virtue of subsection 160ZA(1) ,

the excess amount shall, for the purposes of section 51 , this Subdivision and Part IIIA , be deemed to have been incurred by the taxpayer at the beginning of the next succeeding year of income.