Product Ruling PR 2005/78W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2005/78 is withdrawn with effect from 1 July 2007. 1. Product Ruling PR 2005/78 sets out the Commissioner's view on the income tax consequences for entities participating in the Commonwealth Bank Protected Portfolio Loan (the 'PPL'). 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 capital protection for entities in the PPL. PR 2005/78 therefore has no application to entities entering into the PPL on or after 1 July 2007. Commissioner of Taxation 27 June 2007

Related rulings: TR 92/1 TR 92/20 TR 95/33 TR 97/16 TD 93/34 PR 1999/95
Legislative references: TAA 1953 Pt IVAAA 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 82KZME(5)(b)(iii) ITAA 1936 82KZMF ITAA 1936 Pt IVA ITAA 1997 8-1 ITAA 1997 104-10 ITAA 1997 104-25 ITAA 1997 104-25(1)(c) ITAA 1997 Div 110 ITAA 1997 110-25(2) ITAA 1997 110-25(6) ITAA 1997 Div 134 ITAA 1997 134-1 ITAA 1997 134-1(1) ITAA 1997 134-1(4) ITAA 1997 Subdiv 328-F ITAA 1997 Subdiv 328-G Copyright Act 1968
Subject references: debt deductions financial products interest expenses prepaid expenses product rulings public rulings STS taxpayer tax avoidance taxation administration