Information required for a product ruling application - forestry Division 394

A Product Ruling is a type of public ruling that rules on the tax consequences of a particular scheme. For information on the Product Rulings system, see PR 2007/71External Link.

Note that the majority of terms referred to in this application checklist take their meaning from Division 394External Link of the Income Tax Assessment Act 1997 (the ITAA 1997). Terms to which Division 394External Link applies are generally shown in inverted commas.

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A Portable Document Format (PDF) version of Division 394 application checklist is attached for your convenience (NAT 74639).

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The downloadable form and checklist should be completed for all Product Ruling applications seeking binding taxation advice in respect of amounts paid by 'initial participants' to the 'forestry manager' of a 'forestry managed investment scheme' within Division 394External Link of the ITAA 1997.

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A separate application checklist is available for:

The information provided on this form and checklist forms part of your application. Full disclosure is required for all documents relating to the scheme on which the ruling is sought. If you do not provide sufficient information or fail to adequately address the question or information request your application will be invalid.

If your application is invalid, you or your agent will be contacted. To ensure that applicants who submit valid applications are not disadvantaged, work will not commence on your applications until missing or incomplete information is received and the validity of the application is confirmed. Where there are significant delays in providing missing or incomplete information the Product Ruling will be delayed, or may be refused.

If you have not previously lodged an application for a product ruling, you may contact the Product Rulings area for further assistance.

When requested, the Product Rulings area can hold discussions with applicants and their representatives before a product ruling application is submitted. This allows issues to be canvassed without prejudice, to assist the applicant prepare the product ruling application and reduce compliance costs.

More information

For further assistance you may contact the Product Rulings area.

Last modified: 27 Oct 2014QC 19978