ATO can go 'Firth' and multiply

Article Abstract:

Efforts were made to limit the lender's right to repayment of the principal to the shares Mr. Firth had acquired who entered in a series of loans to acquire shares. According to ATO taxpayers who had borrowed money for share investments using capital protected loans can claim a tax deduction for the full interest amount.

Public Finance Activities, Tax Deductions & Exemptions, Tax deductions, Powers and duties, Lender liability

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A matter of form only

Article Abstract:

The tax commissioner has chosen a form over substance approach to the deductibility of interest on borrowed funds. A final rule explaining pay trust distributions is issued.

Tax policy, Trusts and trustees, Trustees

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Nowhere to run, nowhere to hide

Article Abstract:

S109UB reflects the true nature of unpaid distributions. S109UB applies only where a trust makes a loan while an unpaid distribution to a company exists.

Venture Analysis, Business enterprises, Private equity funds

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