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Ruling
Subject: Whether GIC that has been accruing is deductible
Question 1
Is GIC owing by ACo and which has accrued since DD/MM/YYYY deductible under paragraph 25-5(1)(c) of the ITAA 1997?
Answer
Yes
Relevant facts and circumstances
Various entities have incurred expenditure in relation to the general interest charge (GIC)
Relevant legislative provisions
Income Tax Assessment Act 1997 Paragraph 25-5(1)(c)
Reasons for decision
The various entities met all of the requirements of paragraph 25-5(1)(c) of the ITAA 1997