Product Ruling

PR 2007/28W

Income tax: PCM Shared Equity Contract

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Notice of Withdrawal

Product Ruling PR 2007/28 is withdrawn with effect from today.

1. Product Ruling PR 2007/28 sets out the Commissioner's opinion on tax outcomes for a Home Owner who enters into a Shared Equity Contract between 4 April 2007 and 30 June 2007.

2. No Home Owner entered into a Shared Equity Contract and the Project did not proceed. Therefore, PR 2007/28 has no application as it does not rule on the tax outcomes for any entity.

Commissioner of Taxation
29 August 2007

References

ATO references:
NO 2006/20258

Subject References:
capital gains
main residence
product rulings
public rulings
ordinary income
statutory income
tax avoidance
tax benefits under tax avoidance schemes
tax shelters
tax shelters project
taxation administration

Legislative References:
ITAA 1997 6-5
ITAA 1997 6-10
ITAA 1997 10-5
ITAA 1997 Pt 3-1
ITAA 1997 Div 102
ITAA 1997 102-5
ITAA 1997 Pt 3-1
ITAA 1997 Div 104
ITAA 1997 104-10
ITAA 1997 104-10(4)
ITAA 1997 108-5(1)
ITAA 1997 Div 118
ITAA 1997 Subdiv 118-B
ITAA 1997 118-110
ITAA 1997 118-115
ITAA 1997 118-125
ITAA 1997 118-190
TAA 1953
TAA 1953 Sch 1 357-75(1)
Copyright Act 1968

Case References:
Commissioner of Taxation v. The Myer Emporium Ltd
(1987) 163 CLR 199
(1987) 61 ALJR 270
(1987) 71 ALR 28
(1987) 87 ATC 4363
(1987) 18 ATR 693

Eisner v. Macomber
(1920) 252 US 189
Federal Commissioner of Taxation v. Dixon
(1952) 86 CLR 540
(1952) 26 ALJ 505
[1953] ALR 17
(1952) 10 ATD 82
Scott v. Commissioner of Taxation
(1935) 52 WN NSW 44
(1935) 3 ATD 142
(1935) SR (NSW) 215