Product Ruling PR 2003/6W
Status: withdrawn








Withdrawal notice: This Product Ruling is withdrawn following the Treasurer's announcement that the Government has decided to amend the Income Tax Assessment Act 1997 in relation to capital protected products (Treasurer's Press Release No.019 dated 16 April 2003). The proposed amendments to the law will ensure that part of the expense on a capital protected product is attributed to the cost of the capital protection feature, is not interest and is not deductible where this cost is capital in nature. The proposed amendments will apply to arrangements, including extensions of existing arrangements, entered into on or after 9.30 am Canberra time 16 April 2003. PR 2003/6 is being withdrawn because it does not deal with the way in which the proposed amendments to the law will apply to a person in relation to the arrangement set out in that ruling. Commissioner of Taxation 30 April 2003

Related rulings: TR 92/1 TR 92/20 TD 93/34 TR 95/33 TR 97/16 PR 1999/95
Legislative references: ITR 1936 152N, Sch 12 TAA 1953 Part IVAAA ITAA 1936 51AAA ITAA 1936 79D ITAA 1936 82KZL(1) ITAA 1936 82KZL(2)(a) ITAA 1936 82KZM ITAA 1936 82KZMA ITAA 1936 82KZMB ITAA 1936 82KZMC ITAA 1936 82KZMD ITAA 1936 82KZME ITAA 1936 82KZME(4) ITAA 1936 82KZME(5) ITAA 1936 82KZMF ITAA 1936 Div 3H, PtIII ITAA 1936 160AFD(9) ITAA 1936 Part IVA ITAA 1936 Part X ITAA 1936 Part XI ITAA 1936 Sch2F, 272-105 ITAA 1997 8-1 ITAA 1997 25-25 ITAA 1997 Subdiv 328-F ITAA 1997 Subdiv 328-G ITAA 1997 820-35 ITAA 1997 820-37 ITAA 1997 820-40 ITAA 1997 820-85 ITAA 1997 820-185 ITAA 1997 820-300 ITAA 1997 820-395 ITAA 1997 960-335 ITAA 1997 995-1 Copyright Act 1968
Subject references: borrowing expenses debt deductions financial products interest expenses prepaid expenses product rulings public rulings small business Investor taxation administration tax avoidance thin capitalisation