Product Ruling

PR 2007/59W

Income tax: deductibility of interest incurred on borrowings under the Leveraged Equities Share Protection Plan

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Notice of Withdrawal

Product Ruling PR 2007/59 is withdrawn with effect from today.

1. Product Ruling PR 2007/59 applies to investors who are accepted to participate in the scheme specified in this Ruling on or after 1 July 2007 and who execute the relevant Project Agreements on or before 30 June 2010 to use a loan to purchase shares from companies listed on the Australian Securities Exchange specified by Leverage Equities Limited.

2. PR 2007/59 is withdrawn due to changes made to the features of the product which alters the Scheme that is described in the Ruling. PR 2007/59 will continue to apply to those investors who entered into the scheme before its withdrawal.

Commissioner of Taxation
19 December 2007

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TR 95/33

Subject References:
debt deductions
capital protected borrowing
financial products
interest expenses
prepaid expenses
product rulings
public rulings
small business investor
taxation administration
tax avoidance

Legislative References:
ITAA 1936 51AAA
ITAA 1936 Pt III Div 3 Subdiv H
ITAA 1936 82KL
ITAA 1936 82KZL(1)
ITAA 1936 82KZL(2)(a)
ITAA 1936 82KZM
ITAA 1936 82KZMA
ITAA 1936 82KZMD
ITAA 1936 82KZME
ITAA 1936 82KZME(4)
ITAA 1936 82KZME(5)
ITAA 1936 82KZME(5)(b)(iii)
ITAA 1936 82KZMF
ITAA 1936 Pt IVA
ITAA 1997 8-1
ITAA 1997 104-25(1)(c)
ITAA 1997 104-25(3)
ITAA 1997 110-25(2)
ITAA 1997 110-55(2)
ITAA 1997 134-1(1)
ITAA 1997 134-1(4)
ITAA 1997 Div 247
ITAA 1997 247-20
ITAA 1997 247-20(3)
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
TAA 1953
TAA 1953 Sch 1 357-75(1)
Copyright Act 1968
SISA 1993