Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 1   Thin Capitalisation: amendments taking effect on 1 July 2001

Part 9   Debt deductions for borrowing expenses

Income Tax Assessment Act 1997

33   Paragraph 820-40(1)(c)

Repeal the paragraph, substitute:

(c) the cost is not incurred before 1 July 2001 if the entity can deduct it under section 25-25 of this Act or section 67 of the Income Tax Assessment Act 1936.

Note: The sections referred to in paragraph (c) spread deductions for borrowing expenses over up to 5 years in most cases.