INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

Operative provisions  

SECTION 26-80   Financing costs on loans to pay superannuation contribution  

26-80(1)  
You can only deduct under this Act a *financing cost connected with a contribution you make to a *superannuation plan if you can deduct the contribution under Subdivision 290-B .

26-80(2)  
A financing cost connected with a contribution is expenditure incurred to the extent that it relates to obtaining finance to make the contribution, including:


(a) interest, and payments in the nature of interest; and


(b) expenses of borrowing.


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