Harwin, yes absolutely sure. The following is copied from the ATO link provided below.
In the case of a share holder:
- costs incurred in earning dividend income – such as interest on borrowed money – are an allowable deduction at the time they are incurred.
http://www.ato.gov.au/corporate/content.asp?doc=/content/76071.htm
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tax ... share trader or share holder, page-6
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