Product Ruling

PR 2003/49A - Addendum

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

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FOI status:

may be released

Addendum

This Addendum amends Product Ruling PR 2003/49 to include stapled securities comprised of shares and units that are jointly listed for quotation on the Australian Stock Exchange for the purposes of the arrangement ruled on.

This Addendum applies on and from 17 December 2003.

PR 2003/49 is amended as follows:

1. Paragraph 1

In the second sentence, after the words 'acquisition of shares' insert the following words:

'and/or stapled securities'

2. Paragraph 2

Omit the first dot point:

'•

investing in stapled securities under the terms of the SPP;'.

3. Subparagraph 13 (b)

At the end of the second sentence insert the words:

'and/or stapled securities'

4. Paragraph 13 (b)

After the second sentence insert the following sentence:

'Where the SPP Securities include a stapled security, the stapled security is comprised of share/s and unit/s that are jointly listed for quotation on the Australian Stock Exchange.'

5. Paragraph 17

Insert after subparagraph a):

'ba)

at all times during the arrangement, where the stapled security includes a unit in a trust, the trust satisfies the requirements of subparagraph 82KZME(5)(b)(iii) of the ITAA 1936;'

Commissioner of Taxation
17 December 2003

References

ATO references:
NO 2003/11684