Income tax: whether penalty interest payments are deductible
Please note that the PDF version is the authorised version of this ruling.This Ruling has been replaced by TR 2019/2This document has changed over time. View its history.
Notice of Withdrawal
1. TR 93/7 provides guidance in determining whether a 'penalty interest payment' is deductible under former sections 51, 67 and 67A of the Income Tax Assessment Act 1936. These provisions have since been rewritten into the Income Tax Assessment Act 1997.
2. TR 93/7 is being replaced by Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible which considers the deductibility of penalty interest under the Income Tax Assessment Act 1997.
Commissioner of Taxation
22 May 2019
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