Product Ruling

PR 1999/54W

Income tax: Heydon Park Tea Tree Project (Extended Prospectus Period)

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FOI status:

May be released

Notice of Withdrawal

Product Ruling PR 1999/54 is withdrawn with effect from today.

The arrangement, as implemented, is materially different on a number of grounds from that described in the Ruling, including:

(1)

the project used unfunded bridging finance for a significant number of investors. This method of financing was not disclosed in the application for the Product Ruling; and

(2)

the acceptance of Bartercard credits which contravened clause 6 of the Project Deed and paragraph 24 of Product Ruling PR 1999/54.

As a result there is no class of persons to whom the Ruling applies.

Commissioner of Taxation
6 December 2000

References

ATO references:
NO T2000/4313

Related Rulings/Determinations:

PR 98/1
TR 92/1
TR 97/11
TR 97/16
TR 94/25
TD 93/34

Subject References:
carrying on a business
commencement of business
fee expenses
management fees expenses
primary production
primary production expenses
producing assessable income
product rulings
public rulings
schemes and shams
taxation administration
tax avoidance
tax benefits under tax avoidance schemes
tax shelters
tax shelters project

Legislative References:
ITAA1936 82KH(1)
ITAA1936 82KH(1F)(b)
ITAA1936 82KL
ITAA1936 82KL(1)
ITAA1936 82KZM
ITAA1936 Pt IVA
ITAA1936 177A
ITAA1936 177C
ITAA1936 177D
ITAA1936 177D(b)
ITAA1997 6-5
ITAA1997 8-1
ITAA1997 25-25
ITAA1997 387-A
ITAA1997 387-55
ITAA1997 387-60
ITAA1997 387-C
ITAA1997 387-165
ITAA1997 387-170
ITAA1997 387-170(3)
ITAA1997 387-185

Case References:
Amalgamated Zinc (de Bavay's) Ltd v. FC of T
(1935) 54 CLR 295

Charles Moore & Co (WA) Pty Ltd v. FC of T
(1956) 95 CLR 344
Cliffs International Inc v. FC of T
(1979) 9 ATR 507
79 ATC 4059
Coles Myer Finance v. FC of T
(1993) 25 ATR 95
93 ATC 4214
Colonial Mutual Life Assurance Society Ltd v. FC of T
(1953) 89 CLR 428
FC of T v. Brand
(1995) 31 ATR 326
95 ATC 4633
FC of T v. Maddalena
(1971) 2 ATR 541
71 ATC 4161
FC of T v. Osborne
(1990) 21 ATR 888
90 ATC 4889
FC of T v. Raymor (NSW) Pty Ltd
(1990) 21 ATR 458
90 ATC 4461
FC of T v. Riverside Road Lodge Pty Ltd (in Liq)
(1990) 23 FCR 305
(1990) 21 ATR 499
90 ATC 4567
FC of T v. Darcy Peter Smith
(1981) 11 ATR 538
81 ATC 4114
FC of T v. South Australian Battery Makers Pty Ltd
(1978) 140 CLR 645
Fletcher & Ors v. FC of T
(1991) 22 ATR 613
90 ATC 4559
Lodge v. FC of T
(1972) 128 CLR 171
3 ATR 254
72 ATC 4174
Magna Alloys & Research Pty Ltd v. FC of T
(1980) 49 FLR 183
11 ATR 276
80 ATC 4542
Nilsen Development Laboratories Pty Ltd & Ors v. FC of T
(1981) 11 ATR 505
81 ATC 4031
NMRSB Ltd & Ors v. FC of T
(1998) 38 ATR 308
98 ATC 4188
Ronpibon Tin NL and Tongkah Compound NL v. FC of T
(1949) 78 CLR 47
Steele v. DC of T
41 ATR 139
99 ATC 4242
Softwood Pulp & Paper Ltd v. FC of T
(1976) 7 ATR 101
76 ATC 4439
Sun Newspapers Ltd and Associated Newspapers Ltd v. FC of T
(1938) 61 CLR 337