Income tax: deductibility of interest incurred on borrowings under the Leveraged Equities Share Protection Plan

This Ruling was about the borrowing of moneys from Leveraged Equities Limited to fund the acquisition of shares listed on the Australian Stock Exchange and or units of a widely held trust. Under the arrangement in this Ruling, the term of the loan was either three or five years.

This Ruling is withdrawn because the arrangement now covers loans with terms of one, two, three, four or five years. This Ruling is replaced by Product Ruling PR 2003/49 which issues today.