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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 25 - Some amounts you can deduct    View history reference

Operative provisions  

SECTION 25-30  Expenses of discharging a mortgage  

 View history reference ITAA 36

Mortgage for borrowed money

25-30(1)  

 View history reference
You can deduct expenditure you incur to discharge a mortgage that you gave as security for the repayment of money that you *borrowed if you used the money solely for the *purpose of producing assessable income.

Mortgage for property bought

25-30(2)  

You can deduct expenditure you incur to discharge a mortgage that you gave as security for the payment of the whole or part of the purchase price of property that you bought if you used the property solely for the *purpose of producing assessable income.

Money or property used partly for that purpose

25-30(3)  

If you used the money you *borrowed, or the property you bought, only partly for the *purpose of producing assessable income, you can deduct the expenditure to the extent that you used the money or property for that purpose.

No deduction for payments of principal or interest

25-30(4)  

You cannot deduct payments of principal or interest under this section.


 



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