Product Ruling PR 2002/74W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2002/74 is withdrawn with effect from today. Product Ruling PR 2002/74 set out the Commissioner's opinion on the tax consequences for persons participating in the Mediterranean Olives Project 2002 by entering into a Grove Lease and a Management Agreement to commercially grow and cultivate olive groves to produce olives. The terms of the Product Ruling specifically excluded taxpayers who entered into finance arrangements with an associate of the Responsible Entity. All taxpayers who took part in the Project entered into such finance arrangements and are excluded from the scope of the Product Ruling on this basis. Product Ruling PR 2002/74 has no application as it does not rule on the tax consequences for any taxpayer. Commissioner of Taxation 10 September 2003

Related rulings: TR 2000/8 PR 2000/93 PR 1999/95 PR 2000/114 TR 92/1 TR 92/20 TR 97/11 TR 97/16 TD 93/34 TR 98/22 IT 360 IT 175 IT 2001
Legislative references: ITAA 1997 6-5 ITAA 1997 8-1 ITAA 1997 8-1(1)(a) ITAA 1997 8-1(1)(b) ITAA 1997 17-5 ITAA 1997 Division 27 ITAA 1997 Division 35 ITAA 1997 35-10 ITAA 1997 35-10(2) ITAA 1997 35-10(3) ITAA 1997 35-10(4) ITAA 1997 35-30 ITAA 1997 35-35 ITAA 1997 35-40 ITAA 1997 35-45 ITAA 1997 35-55 ITAA 1997 35-55(1) ITAA 1997 35-55(1)(a) ITAA 1997 35-55(1)(b) ITAA 1997 Subdiv 40-F ITAA 1997 40-515 ITAA 1997 40-515(1)(a) ITAA 1997 40-515(1)(b) ITAA 1997 40-525(2) ITAA 1997 40-530 ITAA 1997 40-540 ITAA 1997 40-545 ITAA 1997 Div 70 ITAA 1997 70-35 ITAA 1997 Div 328 ITAA 1997 Subdiv 328-F ITAA 1997 Subdiv 328-G ITAA 1997 328-105 ITAA 1997 328-105(1)(b) ITAA 1997 328-285 ITAA 1997 328-285(1) ITAA 1936 82KL ITAA 1936 82KZL ITAA 1936 82KZL(1) ITAA 1936 82KZME ITAA 1936 82KZME(1) ITAA 1936 82KZME(2) ITAA 1936 82KZME(3) ITAA 1936 82KZME(4) ITAA 1936 82KZME(7) ITAA 1936 82KZMF ITAA 1936 82KZMF(1) ITAA 1936 Pt IVA ITAA 1936 177A ITAA 1936 177C ITAA 1936 177D ITAA 1936 177D(b)
Case references: FCT v. Lau 84 ATC 4929 16 ATR 55
Subject references: carrying on a business commencement of business primary production primary production expenses management fee expenses producing assessable income product rulings public rulings schemes and shams taxation administration tax avoidance tax benefits under tax avoidance schemes tax shelters