Test your understanding
(1). Fay can deduct the interest on the loan to acquire the shares in GF Ltd from her net income.
Why is Faye entitled to this tax deduction?
(2). Why is GFL Ltd a close company?
(1). Fay can deduct the interest on the loan to acquire the shares in GF Ltd from her net income.
Why is Faye entitled to this tax deduction?
(2). Why is GFL Ltd a close company?