General conditions

Overdrawn accounts, credit cards and reasonable commercial rate of interest

Relief is not given for interest paid on an overdrawn account or on a credit card or similar arrangement, nor is relief given for more than a ‘reasonable commercial rate’ of interest (ITA07/S384).

S384 was amended for interest paid on or after 9 October 2007. For interest paid on or after this date see SAIM10060+

Timing and use of the loan

Relief is due where the loan is ‘used’ for the specified purpose. This means that it must be applied for that purpose or used to meet expenditure that has already been incurred for that purpose.

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