Interest expenses and interest income are line items for virtually every single taxpayer. It is however also a section that most people presume they understand. The intent of this section is to provide a detailed discussion on how you are required to account for these everyday items in your tax return.

After attending this course, delegates will have gained an understanding of the competencies mentioned below and must be able to apply the concepts and techniques in most situations and environments: • Understanding whether they should use the cash amount or an imputed amount. • Understanding how to calculate the imputed amount • Understanding how to adjust the tax return for early redemption or sale of instruments • Understanding the anti avoidance provisions and special concessions housed in the section.

The aim of this session is to cover the core ideas of s24J and how they apply to interest • Instrument versus income instrument • Cash flow versus internal rate of return versus yield to maturity • Differences in treatment between debt traders and other taxpayers • How to account for the early sale of a instrument

All taxpayers, tax professionals, accountants and auditors seeking more information on this topic.