Product Ruling PR 2006/26W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2006/26 is withdrawn with effect from 1 July 2007. 1. Product Ruling PR 2006/26 sets out the Commissioner's view on the deductibility of interest incurred on borrowings related to the Merrill Lynch Structured Equity Loan. 2. From 1 July 2007, the recently enacted Division 247 of the Income Tax Assessment Act 1997 applies a different methodology for calculating the cost of the capital protection for entities in the Merrill Lynch Structured Equity Loan. PR 2006/26 therefore has no application to entities entering into the Merrill Lynch Structured Equity Loan on or after 1 July 2007. Commissioner of Taxation 4 July 2007

Related rulings: TR 92/20 TR 95/33
Legislative references: TAA 1953 ITAA 1936 51AAA ITAA 1936 82KL ITAA 1936 Pt III Div 3 Subdiv H ITAA 1936 82KZL(1) ITAA 1936 82KZL(2)(a) ITAA 1936 82KZM ITAA 1936 82KZMA ITAA 1936 82KZMD ITAA 1936 82KZME ITAA 1936 82KZME(4) ITAA 1936 82KZME(5) ITAA 1936 82KZMF ITAA 1936 Pt IVA ITAA 1997 8-1 ITAA 1997 104-10 ITAA 1997 104-25 ITAA 1997 110-25 ITAA 1997 110-25(2) ITAA 1997 104-25(1)(c) ITAA 1997 104-25(3) ITAA 1997 110-55(2) ITAA 1997 Div 134 ITAA 1997 134-1(1) ITAA 1997 134-1(4) Copyright Act 1968 Corporations Act 2001
Subject references: debt deductions financial products interest expense prepaid expense product rulings public rulings tax administration tax avoidance