Product Ruling PR 2001/119W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2001/119 is withdrawn with effect from 21 May 2007. 1.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 Although this Product Ruling is withdrawn the tax benefits ruled on will still be available up until the 21 May 2007 for those Growers included in the class of persons ruled for in this Product Ruling.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

Related rulings: TR 92/1 TR 97/11 TR 97/16 TR 92/20 TR 98/22 TD 93/34 PR 1999/95 PR 1999/100 PR 2000/96
Legislative references: 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 1936 82KL ITAA 1936 Pt IVA
Subject references: carrying on a business carrying on a business commencement of a business management fees primary production producing assessable income product rulings public rulings schemes tax avoidance tax benefits viticultural expenses