Product Ruling

PR 2007/70A - Addendum

Income tax: Great Southern 2008 High Value Timber Project

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Addendum

This Addendum amends Product Ruling PR 2007/70 to reflect alterations to finance arrangements offered by Great Southern Finance Pty Ltd and the Preferred Financier.

PR 2007/70 is amended as follows:

1. Paragraph 27

Omit the last two dot points; substitute:

•

Land and Management Agreement to be entered into by each Grower and Great Southern Managers Australia Limited (the Manager), received 21 May 2007;

•

Draft Loan Deed to be entered into by each Grower and Great Southern Finance Pty Ltd or the Preferred Financier, received 2 February 2007;

•

further correspondence received 13 February 2008, 4 March 2008, 29 April 2008, 20 May 2008, and 21 May 2008; and

•

Draft Application for Term Finance and the Term of Loan Deed received 20 May 2008.

2. Paragraph 67

Omit 'Loan Agreement'; substitute 'Application included with the Product Disclosure Statement, Application for Term Finance, and Term of Loan Deed'.

3. Paragraph 68

(a) Omit 'The Loan Agreement'; substitute 'Finance'.

(b) Omit third dot point; substitute:

•

Grower's can borrow a maximum of $12,500 per Woodlot under 12 months interest free finance. The $1,250 balance of the Establishment Services Fee is invoiced on execution of the Land and Management Agreement; and

4. Paragraph 69

(a) Omit 'the Loan Agreement'; substitute 'finance'.

(b) Omit third and fourth dot points; substitute:

•

Grower's can borrow a maximum of $13,750 per Woodlot under long term finance. If less than $13,750 is borrowed, the balance of the Establishment Services Fee is invoiced on execution of the Land and Management Agreement; and

•

under the Loan Deed, a Loan Establishment Fee, comprising an application fee of up to 1.1% of the loan advance and a fee to cover legal costs and expenses of up to $275 (GST inclusive) may be charged. Great Southern Finance Pty Ltd, however, may charge a lesser fee, and at time of issue of this addendum the total Loan Establishment Fee is generally calculated as 0.5% of the loan amount; and

5. Paragraph 70

(a) Omit 'Loan Agreement'; substitute 'finance'.

(b) Omit third dot point; substitute:

•

Grower's can borrow a maximum of $12,500 per Woodlot under 12 months interest free finance. The $1,250 balance of the Establishment Services Fee is invoiced on execution of the Land and Management Agreement; and

6. Paragraph 71

(a) Omit 'under the loan agreement'.

(b) Omit from first dot point '3'; substitute '2'.

(c) Omit fifth and sixth dot points; substitute:

•

Grower's can borrow a maximum of $13,750 per Woodlot under long term finance. If less than $13,750 is borrowed, the balance of the Establishment Services Fee is invoiced on execution of the Land and Management Agreement;

•

under the Loan Deed, a Loan Establishment Fee, comprising an application fee of up to 1.1% of the loan advance and a fee to cover legal costs and expenses of up to $275 (GST inclusive) may be charged. The Preferred Financier, however, may charge a lesser fee, and at time of issue of this addendum the total Loan Establishment Fee is generally calculated as 0.5% of the loan amount; and

This Addendum applies on and from 4 June 2008.

Commissioner of Taxation
4 June 2008

References

ATO references:
NO 2006/20258