Product Ruling

PR 2002/40W

Income tax: Film Investment - 'Lost World 3' television series

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FOI status:

Notice of Withdrawal

Product Ruling PR 2002/40 is withdrawn with effect from today.

1. This Product Ruling relates to a project that involves the production of 22 one hour episodes for the third series of the television drama 'The Lost World'. Under the terms of the arrangement investors were to make capital contributions towards the production of the 22 episodes and acquire an interest in the copyright of the completed episodes in proportion to their contribution.

2. The project did not proceed. The minimum subscription level was not achieved as no capital contributions were received from arm's length investors. Therefore the Product Ruling has no application to any investors and will be withdrawn.

Commissioner of Taxation
22 October 2003

References

ATO references:
NO 2003/11684

Related Rulings/Determinations:

PR 1999/95
TR 92/1
TR 92/20
TR 97/16
TR 98/22
TD 93/34

Subject References:
Australian films
film income
film industry
interest expenses
product Rulings
public Rulings
tax avoidance
tax administration

Legislative References:
ITAA 1936 82KL
ITAA 1936 Div 10B
ITAA 1936 Div 5 of Part III
ITAA 1936 82KL
ITAA 1936 90
ITAA 1936 91
ITAA 1936 92
ITAA 1936 Part IVA
ITAA 1936 124K(1)
ITAA 1936 124L
ITAA 1936 124L(1)
ITAA 1936 124L(1)(b)
ITAA 1936 124M
ITAA 1936 124R
ITAA 1936 124S
ITAA 1936 124S(1)
ITAA 1936 124U
ITAA 1936 124UA
ITAA 1936 124UA(1)
ITAA 1936 124UA(2)
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1997 Div 27
ITAA 1997 Div 35
ITAA 1997 35-5(1)
ITAA 1997 35-5(2)
ITAA 1997 995-1
TAA 1953 Pt IVAAA
Corporations Act 2001 708
Corporations Act 2001 708(1)
Corporations Act 2001 708(2)
Corporations Act 2001 708(3)
Corporations Act 2001 708(4)
Corporations Act 2001 708(5)
Corporations Act 2001 708(6)
Corporations Act 2001 708(7)
Corporations Act 2001 708(8)
Corporations Act 2001 708(9)
Corporations Act 2001 708(10)
Corporations Act 2001 708(11)
Corporations Act 2001 708(11)(a)
Corporations Act 2001 708(11)(b)
Corporations Act 2001 708(11)(h)
Copyright Act 1968
A New Tax System (Goods and Services Tax) Act 1999