Product Ruling

PR 2002/132A - Addendum

Income tax: The Larenta Olive Project

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FOI status:

may be released

Addendum

This Addendum amends Product Ruling PR 2002/132 to reflect revised payment options for year 5 of the project and to allow the Commissioner to exercise his discretion under section 35-55 of the ITAA 1997 for a further year. This Addendum applies from 13 November 2002, the date the Ruling was made. The ruling is amended as follows:

1. Paragraph 39

After Paragraph 39 insert Paragraph 39A

39A.

Growers are required to make the following payments per Leased Area for the fifth year of the project:

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a management fee of $2,528.90; and

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a lease fee of $61.60

Growers are provided with a choice of two payment options for the Management Fee payable for the fifth year of the project. The options available to Growers were:

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Option 1 allowed the Grower to pay the Management Fee when due on 31 May 2003 and received a 10% discount; and

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Option 2 allowed the Grower to pay 50% of the Management Fee when due on 31 May 2003 with the balance being paid out of Gross Proceeds from future harvests. Interest will accrue on the outstanding balance at a rate of 12% per annum.

2. Paragraph 44

Omit 'income year ending 30 June 2002'; and substitute with 'income years ending 30 June 2002 and 30 June 2003'.

3. Paragraph 56

Omit '30 June 2003', and substitute with '30 June 2004'.

4. Paragraph 57

Omit '30 June 2002', and substitute with '30 June 2003'.

Commissioner of Taxation
25 June 2003

References

ATO references:
NO 2002/011971