A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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    View history reference

Operative provisions  

SECTION 26-85  Borrowing costs on loans to pay life insurance premiums  

 View history reference

26-85(1)  

You can only deduct under this Act interest on, or other expenses associated with, money you borrow to pay a premium for a *life insurance policy if:


(a) the *risk component of the premium received by the insurer is the entire amount of the premium; and


(b) each amount the insurer is liable to pay under the policy would be included in your assessable income if it were paid.

26-85(2)  

The risk component of a premium for a *life insurance policy means the amount of the premium worked out on the basis specified in the regulations.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page