• 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.

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    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

    Last modified: 02 Jun 2014QC 35420