This paper analyses a number of recent cases that have reinforced or developed principles as to deductibility of interest. Those developments have been in some instances restrictive - the Steele decision established that interest can't be excluded from deduction as capital expenditure but the April 2001 Anovoy case means that you may not be out of the 'woods'. The FCT v Jones full Federal Court decision has widened the availability of deductions for interest after failure of an initial investment/borrowing. Also covered ins the cases Hart v FCT, Firth v FCT and Howland Rose v Commissioner of Tax.
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