Loan to invest in a partnership

ITA07/S398 to ITA07/S400 provides relief to be given to an individual for interest paid on a loan applied in acquiring an interest in a partnership or in providing a partnership with capital or a loan. Such interest is a liability of the individual and not of the partnership and therefore is not allowable as an expense in computing the firm's profits.

The relief covers loans to

buy a share in a partnership,

contribute money to the partnership by way of capital or premium, which is used for the purposes of a trade or profession carried on by the partnership,

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