A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 2   Running balance accounts, general interest charge and related matters

Part 2   General interest charge

Income Tax Assessment Act 1997

65   At the end of section 25-5

Add:

No double deduction for general interest charge on a running balance account

(7) If you deduct *general interest charge that applies to an RBA deficit debt, you can't also deduct the corresponding general interest charge on tax debts that have been allocated to the RBA.

Note: RBAs (running balance accounts) are dealt with in Part IIB of the Taxation Administration Act 1953.