Recharacterisation of certain transactions - Interest apportionment for conduit investment
FF 3: Steps required to determine treatment of excessive interest expenditure
You could also call this:
“This section about handling excessive interest costs has been removed from the law”
You need to know that the section called ‘Steps required to determine treatment of excessive interest expenditure’ has been removed from the law. This section was part of the rules about ‘Recharacterisation of certain transactions’ in the Income Tax Act 2007. The government took this section out of the law on 30 June 2009. They did this through another law called the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009. This means that these steps are no longer part of the current law.
FF 4: Threshold for application of interest apportionment rule, or
“Rule for dividing interest no longer applies”
Part F
Recharacterisation of certain transactions
Interest apportionment for conduit investment
FF 3Steps required to determine treatment of excessive interest expenditure (Repealed)
Notes
Section FF 3: repealed (with effect on 30 June 2009), on , by section 228(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
