Taxation Ruling

IT 147W - Notice of Withdrawal

Income tax: wheat as trading stock

• Please note that the PDF version is the authorised version of this withdrawal notice.

Notice of Withdrawal

Taxation Ruling IT 147 is withdrawn with effect from today.

1. Taxation Ruling IT 147 considers the income tax consequences where a farmer produced more wheat than the Australian Wheat Board could accept under the quota system that applied at the time the ruling was prepared.

2. It is withdrawn because:

(a)

it does not adequately reflect current wheat marketing arrangements;

(b)

the primary issues addressed in the ruling are considered in Taxation Rulings TR 2001/1 and TR 93/9; and

(c)

it refers to legislative provisions which were made inoperative by the Tax Law Improvement Act 1997 and repealed by the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006.

Commissioner of Taxation
17 February 2010

References

ATO references:
NO 1-1V1OO6K

Related Rulings/Determinations:

IT 147