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Interesting that Julia's newsletter published today recommends getting a private ruling straightaway, off the back of the Forrest case. She hints that the ATO might just give in on the the deductibility on interest issue, which is perhaps the most pressing issue for many HDT holders.

When I've read S.51AAA in the past, my reading of it was that it refers to capital gains in the current year, ie an expense would not be deductible in the current year if the only assessable income in the current year is a capital gain. It doesn't say anything about an expense not being...