A Taxation Ruling and various cases have recently created debate on the topic of the deductibility of interest. It is submitted in this article that recognising a distinction between non business and business taxpayers as indicated by the two positive limbs of s 51(1) would clarify the determination of whether interest is deductible.
"Going out on a Second Limb - An Analysis of the Deductibility of Interest by Recognising a Distinction between the Positive Limbs of s 51(1) ,"
Revenue Law Journal:
1, Article 5.
Available at: http://epublications.bond.edu.au/rlj/vol5/iss1/5