Private ruling: Repayment of interest free loans (application of section 45B of the Income Tax Assessment Act 1936 )
Date of advice: 12 February 2020
Published: March 2020

Ruling: Q1: Will the Commissioner make a determination under subsection 45B(3) of the Income Tax Assessment Act 1936 (ITAA 1936) that section 45C of the ITAA 1936 applies in relation to the whole, or a part, of the repayment of the Interest Free Loans in an income year? | A1: The Commissioner has ruled on this question. | Q2: Can the full amount of the repayments made on the Interest Free Loans in an income year be debited to the Company's non-share capital account pursuant to the operation of section 164-20 of the Income Tax Assessment Act ( ITAA 1997)? | A2: The Commissioner has ruled on this question.