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.
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