This Ruling explains:
(i) the deductibility of interest expense in computing the adjusted income of a person from a source for the basis period for a year of assessment under paragraph 33(1)(a) of the Income Tax Act 1967 (ITA);
(ii) restriction on the amount of interest expense deductible against gross business income under subsection 33(2) of the ITA; and
(iii) computation of allowable interest expense according to source of income chargeable under paragraphs 4(a), 4(c), 4(d) or 4(f) of the ITA.
The above New Public Ruling can be viewed and downloaded from the IRB’s website at the following link: