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The first question is whether you borrowed money from bank and on-lend the funds to the company for its operation.
If the answer is Yes, then the ATO would expect you to charge interest on the amount on-lent in order to claim the interest deduction at individual level. The ATO also prefers the interest rate shall be higher than what bank charges you.
Another advantage to charge interest is when the company incurred losses and would be would up, then a capital loss could potentially be available to you if you have to waive or forgive the outstanding loan. It would be very difficult for you to claim a capital loss if interest was never charged. This is because if the loan is an interest free loan and the loan has no nexus with derivation of your assessable income, the loan is likely to be considered as a personal use asset. Capital losses made from the disposal of personal use assets are disregarded.
If interest is to be charged, you need to make sure that the interest rate shall be commercial rate, the ATO can potentially apply Part IVA to non-commercial interest arrangement. However this should only be an issue if the arrangement is entered with a dominant purpose of obtaining a tax benefit.
If interest is charged, then the tax implications should be as follows:
1. The company should be able to claim a deduction for the interest paid to you as long as the funds are used in its business activities;
2. You would be taxed on the interest income received from the company and taxed at your marginal rate.
Also note that if the lender- you are not Australian resident for tax purposes, you need to be aware of the potential non-resident interest Withholding tax, Transfer pricing rules, and thin Capitalization rules at the company level.
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