Product Ruling
PR 2018/15A1 - Addendum
Income tax: taxation consequences for a Customer entering into a Prepay and Grow Agreement with Ruralco
-
Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
Addendum
This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Product Ruling PR 2018/15 to expand the class of entities that rely on it by including entities covered by subsection 82KZM(1A) of the Income Tax Assessment Act 1936.
PR 2018/15 is amended as follows:
At the end of the first dot point, insert new footnote 1:
1 On 1 January 2021, subsection 82KZM(1A) was inserted into the ITAA 1936, applicable in relation to expenditure incurred on or after 1 July 2020. From 1 July 2020, all references in this Product Ruling to a:
- •
- Customer that is (or entities that are) a small business entity as defined in section 328-110 of the ITAA 1997 should be read to mean a Customer that is (or entities that are) a small business entity as defined in section 328-110 of the ITAA 1997 or an entity covered by subsection 82KZM(1A)
- •
- taxpayer that is a small business entity should be read to mean a taxpayer that is a small business entity or an entity covered by subsection 82KZM(1A), and
- •
- Customer that is not (or entities that are not) a small business entity as defined in section 328-110 of the ITAA 1997 should be read to mean a Customer that is not (or entities that are not) a small business entity as defined in section 328-110 of the ITAA 1997 or an entity covered by subsection 82KZM(1A).
This Addendum applies before and after the date of issue.
Commissioner of Taxation
23 August 2023
© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA
You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
References
ATO references:
NO 1-YIKPAQW