Product Ruling PR 2001/3W
Status: withdrawn








Withdrawal notice: Product Ruling PR 2001/03 is withdrawn with effect from 21 May 2007. 1.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 Although this Product Ruling is withdrawn the tax benefits ruled on will still be available up until the 21 May 2007 for those Growers included in the class of persons ruled for in this Product Ruling.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 Commissioner of Taxation 26 March 2008 This Ruling has been replaced by PR 2001/141.

Related rulings: PR 2000/96 PR 1999/95 TR 2000/8 TR 92/1 TR 97/16 TR 92/20 TD 93/34 TR 98/22 TR 97/11
Legislative references: ITAA 1936 82KL ITAA 1936 82KZL ITAA 1936 82KZL(1) ITAA 1936 82KZM ITAA 1936 82KZM(1) ITAA 1936 82KZMA(3)(c) ITAA 1936 82KZMA ITAA 1936 82KZMB ITAA 1936 82KZMC ITAA 1936 82KZMD ITAA 1936 82KZMD(2) ITAA 1936 82KZME ITAA 1936 82KZME(7) ITAA 1936 82KZMF ITAA 1936 82KZMF(1) ITAA 1936 177A ITAA 1936 177C ITAA 1936 177D ITAA 1936 177D(b) ITAA 1936 Pt IVA ITAA 1997 6-5 ITAA 1997 8-1 ITAA 1997 8-1(1)(a) ITAA 1997 8-1(1)(b) ITAA 1997 17-5 ITAA 1997 Div 27 ITAA 1997 27-5 ITAA 1997 27-30 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 960-335 ITAA 1997 960-340 ITAA 1997 960-345 ITAA 1997 960-350
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