Hey Guys
I tried searching the treads on here and the ATO website regarding default interest but failed to find a suitable answer to my question.
My question:- Can default interest (due to delayed settlement) be claimed as a tax deduction or should it be capitalised.
Logic tells me it should be capitalised but I could be wrong.
Thoughts??
I tried searching the treads on here and the ATO website regarding default interest but failed to find a suitable answer to my question.
My question:- Can default interest (due to delayed settlement) be claimed as a tax deduction or should it be capitalised.
Logic tells me it should be capitalised but I could be wrong.
Thoughts??