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TR 93/7 provides guidance in determining whether a 'penalty interest payment' is deductible under former sections 51, 67 and 67A of the Income Tax Assessment Act 1936 . These provisions have since been rewritten into the Income Tax Assessment Act 1997 .

TR 93/7 is being replaced by Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible which considers the deductibility of penalty interest under the Income Tax Assessment Act 1997 .