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dc.contributor.authorOlesen, K
dc.contributor.authorOhms, C
dc.date.accessioned2011-12-05T00:32:49Z
dc.date.available2011-12-05T00:32:49Z
dc.date.copyright2011
dc.date.issued2011-12-05
dc.identifier.citationAustralian Business Law Review, vol.39(6), pp.406 - 433, 1
dc.identifier.issn0310-1053 (print)
dc.identifier.urihttp://hdl.handle.net/10292/3030
dc.description.abstractInterest payable on borrowed funds or on amounts owing by reason of the operation of the law (for example interest that may be payable on statutory debts such as tax owing) in relation to an income earning activity is a significant (potential) deductible expense throughout the Commonwealth. The traditional “form” approach derived from the leading decision IRC v Duke of Westminster [1936] AC 1 requires that the underlying transaction giving rise to the interest, and the interest itself, be characterised according to the legal rights and obligations created evident from the objective intention of the parties. On the other hand, an “economic substance” approach allows for the same characterisation to arise having regard to the economic consequences that flow from the transaction. These issues have been considered and the movement towards the development of a conceptual framework which relies on commercial legal forms and absorbs this into its measurement and recognition basis.
dc.publisherThomson Reuters
dc.relation.isreplacedby10292/3104
dc.relation.isreplacedbyhttp://hdl.handle.net/10292/3104
dc.rightsCopyright © Thomson Reuters, 2011. Authors retain the right to place his/her pre-publication version of the work on a personal website or institutional repository for non commercial purposes. The definitive version was published in (see Citation). The original publication is available at (see Publisher's Version)
dc.titleDeductibility of interest: a comparative perspective: conceptual issues
dc.typeJournal Article
dc.rights.accessrightsOpenAccess


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