Product Ruling

PR 2003/67W

Income tax: NTT Mahogany Project

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FOI status:

Notice of Withdrawal

Product Ruling PR 2003/67 is withdrawn with effect from today.

1. Product Ruling PR 2003/67 sets out the Commissioner's opinion on the way in which certain tax laws apply to Growers who take part in the NTT Mahogany Project (the Project). This Ruling continues to apply to Growers who were accepted to participate in the Project on or before 30 June 2004 in relation to the deductibility of costs incurred for the year ended 30 June 2004.

2. PR 2003/67 was previously amended on 28 April 2004 to reflect a change in the arrangement in respect of the size of the woodlot and the calculation of the incentive fee.

3. As a result of further changes to the arrangement to extend the date for completion of the Plantation Establishment Services, this Ruling is now withdrawn. The tax consequences for Growers who participate in the NTT Mahogany project for the year ended 30 June 2005 and later years are now covered by PR 2004/105 which applies from today.

Commissioner of Taxation
17 November 2004

This Ruling has been replaced by Product Ruling PR 2004/105.

References

ATO references:
NO 2003/11684

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 97/11
TR 97/16
TD 93/34
TR 98/22
PR 1999/95
TR 2000/8

Subject References:
advance expenses & payments for certain forestry expenditure
carrying on a business
commencement of business
fee expenses
forestry agreement
interest expenses
management fees
non-commercial losses
producing assessable income
product rulings
public rulings
seasonally dependent agronomic activity
tax benefits under tax avoidance schemes
tax shelters
tax shelters project

Legislative References:
ITAA 1936 Div 3H of Part III
ITAA 1936 82KL
ITAA 1936 82KZL
ITAA 1936 82KZL(1)
ITAA 1936 82KZME
ITAA 1936 82KZME(1)
ITAA 1936 82KZME(2)
ITAA 1936 82KZME(3)
ITAA 1936 82KZME(4)
ITAA 1936 82KZME(7)
ITAA 1936 82KZMF
ITAA 1936 82KZMF(1)
ITAA 1936 82KZMG
ITAA 1936 82KZMG(1)
ITAA 1936 82KZMG(2)
ITAA 1936 82KZMG(3)
ITAA 1936 82KZMG(4)
ITAA 1936 82KZMG(5)
ITAA 1936 Part IVA
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1936 177D(b)
ITAA 1997 6-5
ITAA 1997 8-1
ITAA 1997 17-5
ITAA 1997 Div 27
ITAA 1997 Div 35
ITAA 1997 35-10
ITAA 1997 35-10(2)
ITAA 1997 35-10(3)
ITAA 1997 35-10(4)
ITAA 1997 35-30
ITAA 1997 35-35
ITAA 1997 35-40
ITAA 1997 35-45
ITAA 1997 35-55
ITAA 1997 35-55(1)
ITAA 1997 35-55(1)(a)
ITAA 1997 35-55(1)(b)
ITAA 1997 Div 328
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
ITAA 1997 328-105
ITAA 1997 328-105(1)(a)
TAA 1953 Pt IVAAA
Copyright Act 1968

Case References:
Commissioner of Taxation v. Lau
(1984) 6 FCR 202
84 ATC 4929
(1984) 16 ATR 55