11. Deductions

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This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

A Interest expenses within Australia

Show at A the deductible interest incurred on money borrowed from Australian sources to:

• acquire income-producing assets
• finance operations
• meet current expenses.

Even if the TOFA rules apply to the fund, show at A all interest incurred on money borrowed from Australian sources. This includes interest from financial arrangements subject to the TOFA rules.

If what you show at A includes an amount brought to account under the TOFA rules, also complete item 16 Taxation of financial arrangements (TOFA).

See also  

• Guide to the taxation of financial arrangements (TOFA) rules