Product Ruling PR 2001/65W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2001/65 is withdrawn with effect from today. Product Ruling PR 2002/65 is withdrawn due to an inconsistency with Taxation Ruling TR 2001/14 which issued on 19 December 2001 on the subject of Division 35 - non-commercial business losses. TR 2001/14 discusses the circumstances in which a business activity will be eligible for an exercise of the Commissioners discretion in paragraph 35-55(1)(b). Under subparagraph 35-55(1)(b)(i) there is a requirement that there is something innate or inherent in the nature of the activity that results in a period of time between when the activity commences and when it first produces assessable income. Where a newly commenced business does not have such a feature it will be ineligible for an exercise of the discretion in paragraph 35-55(1)(b). There is no such feature in the NoRegrets Managed Retail Franchise Project. Commissioner of Taxation 20 March 2002

Related rulings: PR 1999/95 TR 92/1 TR 97/11 TR 97/16 TD 93/34 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 8-1(2) ITAA 1997 17-5 ITAA 1997 Div 27 ITAA 1997 Div 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 Pt 3-1 ITAA 1997 960-335 ITAA 1997 960-340 ITAA 1997 960-345 ITAA 1997 960-350 ITAA 1936 82KH(1) ITAA 1936 82KH(1F)(b) ITAA 1936 82KL ITAA 1936 82KL(1) ITAA 1936 82KZL ITAA 1936 82KZL(1) ITAA 1936 82KZM ITAA 1936 82KZM(1) ITAA 1936 82KZM(1)(b)(ii) ITAA 1936 82KZMA ITAA 1936 82KZMA(4) ITAA 1936 82KZMB ITAA 1936 82KZMC ITAA 1936 82KZMD ITAA 1936 82KZMD(2) ITAA 1936 82KZME ITAA 1936 82KZME(1) ITAA 1936 82KZME(1)(b) 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
Subject references: carrying on a business commencement of business fee expenses franchising management fees expenses producing assessable income product rulings public rulings schemes and shams taxation administration tax avoidance tax benefits under tax avoidance tax shelters tax shelters project