Product Ruling

PR 2003/39W

Income tax: Queensland Paulownia Forests Project No. 7

• Please note that the PDF version is the authorised version of this withdrawal notice.
  This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

Notice of Withdrawal

Product Ruling PR 2003/39 is withdrawn with effect from 21 May 2007.

1. Growers acquired an interest in the scheme to commercially grow and cultivate Paulownia trees for the purpose of harvesting and selling timber.

2. The Project was wound up on 21 May 2007, under an order of the Supreme Court of Queensland, following the appointment of an Administrator for the Responsible Entity on 28 February 2007.

3. Although this Product Ruling is withdrawn the tax benefits ruled on will still be available up until the 21 May 2007 for those Growers included in the class of persons ruled for in this Product Ruling.

4. As the scheme ceased on 21 May 2007 Growers are no longer considered to be carrying on a business activity from this date. Accordingly, the Commissioner is not required to consider the exercise of his discretion under paragraph 35-55(1)(b) of the Income Tax Assessment Act 1997 to allow losses from non-commercial business activities after the year ended 30 June 2007.

Commissioner of Taxation
26 March 2008

This Ruling has been replaced by Product Ruling PR 2004/22.

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TR 92/1
TR 92/20
TD 93/34
TR 97/11
TR 97/16
TR 98/22
TR 2000/8
PR 1999/95
IT 360

Subject References:
carrying on a business
commencement of business
fee expenses
interest expenses
management fee expenses
producing assessable income
product rulings
public rulings
schemes and shams
taxation administration
tax avoidance

Legislative References:
TAA 1953 Part IVAAA
ITAA 1936 Div 3 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 Pt 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 328-285(1) Div 70
ITAA 1997 328-285(2)
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
ITAA 1997 328-105
ITAA 1997 328-105(1)(a)
Copyright Act 1968

Case References:
FCT v. Lau
84 ATC 4929
(1984) 16 ATR 55