DB 6 Interest: not capital expenditure
Deduction

(1)

A person is allowed a deduction for interest incurred.

Exclusion

(2)

Subsection (1) does not apply to interest for which a person is denied a deduction under section DB 1.

Conduit financing arrangements[Repealed]

(3)

[Repealed]

Link with subpart DA

(4)

This section overrides the capital limitation. The general permission must still be satisfied and the other general limitations still apply.

Defined in this Act: capital limitation, deduction, general limitation, general permission, interest

Compare: 2004 No 35 s DB 6

Section DB 6(3) heading: repealed (with effect on 30 June 2009), on 6 October 2009, pursuant to section 69(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section DB 6(3): repealed (with effect on 30 June 2009), on 6 October 2009, by section 69(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).