Product Ruling PR 2004/60W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2004/60 is withdrawn with effect from today. 1. Product Ruling PR 2004/60 set out the Commissioner's opinion on the tax consequences for persons participating in the Environinvest Eucalypt Project No. 7 ('the Project') by entering into a lease and management agreement for the purpose of carrying on a commercial afforestation project. 2. PR 2004/60 is withdrawn as a new arrangement has been implemented by the Responsible Entity for this Project and no further Growers will be accepted under the old arrangement. The Responsible Entity has introduced an internal financier and issued a supplementary Product Disclosure Statement which alters the fees associated with this Project. 3. The new arrangement is dealt with by PR 2005/31 which issues today. PR 2005/31 only applies to Growers accepted from the date of this Ruling. 4. PR 2004/60 applies to persons who were accepted to participate in the Project between 19 May 2004 and 16 March 2005. Despite the withdrawal of this Ruling, it continues to apply to Growers accepted between these dates. Such Growers can continue to rely on the Ruling made. Commissioner of Taxation 16 March 2005 This Ruling has been replaced by Product Ruling PR 2005/31.

Related rulings: PR 1999/95 TR 92/1 TR 97/16 TR 92/20 TD 93/34 TR 98/22 TR 2001/14 TR 2000/8 TR 97/11 TD 2003/12
Legislative references: ITAA 1936 Div 3 Subdiv H Pt III ITAA 1936 Div 6 ITAA 1936 82KL ITAA 1936 82KZL ITAA 1936 82KZL(1) ITAA 1936 82KZME ITAA 1936 82KZME(7) ITAA 1936 82KZMF ITAA 1936 82KZMF(1) ITAA 1936 82KZMG ITAA 1936 82KZMG(1) ITAA 1936 82KZMG(2) ITAA 1936 82KZMG(3) ITAA 1936 82KZMG(4) ITAA 1936 82KZMG(5) ITAA 1936 Pt IVA ITAA 1936 177A ITAA 1936 177C ITAA 1936 177D ITAA 1936 177D(b) ITAA 1936 318 ITAA 1997 6-5 ITAA 1997 8-1 ITAA 1997 17-5 ITAA 1997 25-25 ITAA 1997 25-25(6) ITAA 1997 Div 27 ITAA 1997 Div 35 ITAA 1997 35-10 ITAA 1997 35-10(2) ITAA 1997 35-55 ITAA 1997 35-55(1)(b) ITAA 1997 108-5 ITAA 1997 110-25(2) ITAA 1997 Div 328 ITAA 1997 328-105 ITAA 1997 328-105(1)(a) ITAA 1997 328-105(1)(b) ITAA 1997 Subdiv 328-F ITAA 1997 Subdiv 328-G TAA 1953 Pt IVAAA Copyright Act 1968 Corporations Act 2001
Case references: Commissioner of Taxation v. Lau (1984) 6 FCR 202 84 ATC 4929 (1984) 16 ATR 55
Subject references: advance deductions and expenses for certain forestry expenditure carrying on a business commencement of business fee expenses forestry agreement interest expenses management fees non commercial losses producing assessable income product rulings public rulings seasonally dependent agronomic activity taxation administration tax avoidance tax benefits under tax avoidance schemes tax shelters tax shelters project