The company borrowed money from the director and used for the business. There is a loan agreement between company and director. This means that company will deduct interest expenses, and director will declare interest received as assessable income in Director's income tax return (ITR).
But I found that there is the same amount claimed in item D7 - Interest deduction to offset the interest income in Director's ITR done by previous accountant but I cannot find out the reason for this. Can you please provide me some reason for this happen? Thanks.
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143 views
1 replies