Product Ruling PR 2001/141W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2001/141 is withdrawn with effect from 21 May 2007. 1. Growers acquired an interest in the scheme to commercially grow and cultivate Paulownia trees for the purpose of harvesting and selling timber. 2. The Project was wound up on 21 May 2007, under an order of the Supreme Court of Queensland, following the appointment of an Administrator for the Responsible Entity on 28 February 2007. 3. Although this Product Ruling is withdrawn the tax benefits ruled on will still be available up until the 21 May 2007 for those Growers included in the class of persons ruled for in this Product Ruling. 4. As the scheme ceased on 21 May 2007 Growers are no longer considered to be carrying on a business activity from this date. Accordingly, the Commissioner is not required to consider the exercise of his discretion under paragraph 35-55(1)(b) of the Income Tax Assessment Act 1997 to allow losses from non-commercial business activities after the year ended 30 June 2007. Commissioner of Taxation 26 March 2008 This Ruling has been previously released as PR 2001/3

Related rulings: PR 1999/95 PR 2001/3 TR 92/1 TR 92/20 TR 97/11 TR 97/16 TR 98/22 TR 2000/8 TD 93/34 IT 360
Legislative references: TAA 1953 Part IVAAA 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 Div 2 of Part III ITAA 1936 Part IVA ITAA 1936 177A ITAA 1936 177C ITAA 1936 177D ITAA 1936 177D(b) ITAA 1997 6-5 ITAA 1997 8-1 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 35-55(2) ITAA 1997 328-105 ITAA 1997 328-105(1)(a) ITAA 1997 328-105(1)(b) ITAA 1997 Div 328 ITAA 1997 Div 328-F ITAA 1997 Div 328-G
Case references: FCT v. Lau 84 ATC 4929 16 ATR 55
Subject references: afforestation expenses carrying on a business commencement of business management fees expenses product rulings public rulings producing assessable income schemes and shams tax avoidance tax benefits under tax avoidance schemes tax shelters tax shelters project taxation administration