Product Ruling

PR 2002/135W

Income tax: tax consequences of investing in UBS Highly Geared 'ISS' Series Instalment Warrants - cash applicants and secondary market purchasers

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FOI status:

Notice of Withdrawal

Product Ruling PR 2002/135 is withdrawn with effect from 1 July 2007.

1. Product Ruling PR 2002/135 sets out the Commissioner's view on the income tax consequences for entities participating in the UBS Warburg Highly Geared ISS Series Instalment Warrants for cash applicants and secondary market purchasers.

2. From 1 July 2007, the recently enacted Division 247 of the Income Tax Assessment Act 1997 applies a different methodology for calculating the cost of capital protection for entities in the UBS Warburg Highly Geared ISS Series Instalment Warrants. PR 2002/135 therefore has no application to entities entering into the UBS Warburg Highly Geared ISS Series Instalment Warrants on or after 1 July 2007.

Commissioner of Taxation
4 July 2007

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 95/33
TR 97/16
TD 93/34
PR 1999/95

Subject References:
financial products
interest expenses
prepaid expenses
product rulings
public rulings
small business taxpayer
taxation administration
tax avoidance

Legislative References:
TAA 1953 Part IVAAA
ITAA 1936 51AAA
ITAA 1936 82KL
ITAA 1936 82KZL(1)
ITAA 1936 82KZL(2)(a)
ITAA 1936 82KZM
ITAA 1936 82KZMA
ITAA 1936 82KZMB
ITAA 1936 82KZMC
ITAA 1936 82KZMD
ITAA 1936 82KZME
ITAA 1936 82KZME(4)
ITAA 1936 82KZME(5)
ITAA 1936 82KZMF
ITAA 1936 Subdiv H Div 3 Pt III
ITAA 1936 97
ITAA 1936 Pt IVA
ITAA 1997 6-5
ITAA 1997 8-1
ITAA 1997 20-20
ITAA 1997 25-25
ITAA 1997 104-10
ITAA 1997 104-10(7)
ITAA 1997 104-25
ITAA 1997 109-5
ITAA 1997 110-25
ITAA 1997 110-45(3)
ITAA 1997 112-35
ITAA 1997 115-5
ITAA 1997 116-20
ITAA 1997 116-55
ITAA 1997 134-1
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
ITAA 1997 960-335
ITAA 1997 960-340
Copyright Act 1968