Loan Fringe Benefits: otherwise deductible rule - joint loans and the National Australia Bank decision

That the mechanism chosen by the draftsman (under subsection 138(3) of the FBTAA) to avoid the result of double taxation in the circumstances of a single benefit provided jointly is to deem it for all the purposes of the FBTAA to have been provided to a single recipient. 2. That the loan provided jointly to Mr and Mrs Heskett is deemed to have been provided to Mr Heskett alone and on that basis paragraph 19(1)(a) of the FBTAA is satisfied. 3. That the same fiction is maintained for the purposes of paragraph 19(1)(b) of the FBTAA, so that Mr Heskett, as the sole recipient of the loan and the sole investor of the proceeds, would have been entitled to a once only deduction in respect of the whole of the gross interest had he paid it in the relevant tax year. 4. That paragraph 19(1)(ba) of the FBTAA was satisfied including the taking into account the amount of interest actually paid to the Bank. 5. That there was sufficient information contained on Mr Heskett's declaration form so that paragraph 19(1)(c) of the FBTAA was satisfied.