Interest is eligible for relief if it is interest on a loan to an individual used:

to purchase a share in a partnership; or

to contribute money to a partnership by way of capital or premium, or by way of loan, where it is used wholly for the purposes of the trade or profession carried on by the partnership; or

in paying off another loan used for any of these purposes,

(ITA 2007, s. 398(1), (2)).

The following conditions must also be satisfied:

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