Commonwealth Numbered Acts

Income Tax Assessment Amendment Act (No. 3) 1984 No. 47 of 1984 - SECT 19

19. Section 67 of the Principal Act is amended by adding at the end thereof
the following sub-section:

''(4) Where a taxpayer incurs expenditure in the year of income in borrowing
money used by the taxpayer only partly for the purpose of producing assessable
income, the taxpayer shall be deemed, for the purposes of the preceding
provisions of this section, to have incurred only so much of that expenditure
as, in the opinion of the Commissioner, is reasonable in the circumstances.''.