Public rulings 2010
Interest repayments required as a result of the early repayment of a financial arrangement - deductibility
Ruling Number: BR Pub 10/21
This item considers the situation when a term deposit arrangement is broken early and a reduced rate of interest is applied from the date of deposit as a consequence of the break. This results in the overpayment of interest to the depositor under the term deposit. The depositor is required to repay the overpaid interest. This item considers the deductibility of the interest repaid and the treatment of the interest repaid under the financial arrangements rules.
Ruling applies from: A three year period beginning on 16 December 2010 and ending on 16 December 2013
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BR Pub 10/21 - RTF format (240kb | 20 pages)
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Other rulings this year
- BR Pub 10/01 - 10/05 - Australian source income earned by Australian limited partnership and foreign tax credits / Distributions made by Australian limited partnership and foreign tax credits / Distributions made by Australian unit trust to Australian limited partnership and foreign tax credits / Franked dividend received by Australian limited partnership and foreign tax credits / Tax paid by an Australian limited partnership as a "head company" and foreign tax credits
- BR Pub 10/10 - 10/13 - Local authority rates apportionments on property transactions where the rates have been paid beyond settlement or are in arrears - goods and services tax implications for vendor and purchaser
- BR Pub 10/14 - 10/19 - Interest deductibility - Roberts and Smith - Borrowing to replace and repay amounts invested in an income earning activity or business
- BR Pub 10/20 - Deductibility of break fee paid by a landlord to exit early from a fixed interest rate loan on sale of rental property
- BR Pub 10/06 - Meaning of "anything occurring on liquidation" when a company requests removal from the register of companies
- BR Pub 10/07 - 10/08 - Commissions received by life agents on their own policies and those of associated persons - income tax implications / Discounted premiums on life insurances policies provided to life agents and associated persons - fringe benefit tax implications
- BR Pub 10/09 - Legal services provided to non-residents relating to transactions involving land in New Zealand
Date published: 17 Dec 2010
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