From: Mike .
Hi Mr X,
Not many tax experts on this forum so get advice from the ATO or tax accountant, but I'll have a stab in the dark based on simple reasoning.
You are suggesting reimbursing yourself for expenses paid before the LOC was setup. I think it is possible provided the purpose of the loan was to pay IP expenses, the expenses were incurred in the current financial year, the loan was taken in the current year, the interest on the loan is offset against other income in your tax return, the loan amount equals the expenses, you have invoices of those expenses to prove they were legitimate.
Well, that's my 2c worth. It's almost worthless so seek expert advice before taking action.