Section DB 3B — Income Tax Act 2007: Use of money interest

DB 3B Use of money interest Deduction (1) A person is allowed a deduction for an amount of interest they are liable to pay under Part 7 of the Tax Administration Act 1994. Timing of deduction (2) The deduction is allocated under section EF 5 (Use of money interest payable by person). Link with subpart DA (3) This section supplements the general permission and overrides the capital limitation, the private limitation, and the employment limitation. The other general limitations still apply. Defined in this Act: amount , capital limitation , deduction , employment limitation , general limitation , general permission , private limitation Section DB 3B: inserted (with effect on 1 April 2008), on 29 August 2011, by section 13(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).