INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where a taxpayer incurs expenditure (not including payments of principal or interest) in the year of income in connexion with the discharge of a mortgage given by him as security for the repayment of money borrowed by him or the payment by him of the whole or a part of the purchase price of property purchased by him:
(a) if the money or property was used by him wholly for the purpose of producing assessable income - the whole of the expenditure; or
(b) if the money or property was used by him only partly for that purpose - such part of the expenditure as the Commissioner determines,
shall be an allowable deduction.
67A(2) [No application 1997/98 income year onwards]This section does not apply to the 1997-98 year of income or a later year of income.
Note:
Section 25-30 (Expenses of discharging a mortgage) of the Income Tax Assessment Act 1997 deals with the deductibility of expenses related to discharging mortgages.
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