Product Ruling

PR 2008/15W

Income tax: Mediterranean Olives Project 2008 - (Joint Venture Growers)

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Notice of Withdrawal

Product Ruling PR 2008/15 is withdrawn with effect from today.

1. Product Ruling PR 2008/15 dealt with the tax consequences for Growers who entered into the Mediterranean Olives Project 2008 (Joint Venture Growers) from 27 February 2008 to 15 June 2008 inclusive. Joint Venture Growers were to participate in the business of commercial growing and cultivation of olives for the purpose of sale.

2. The Project did not commence as no entities were accepted to participate in the scheme. Therefore, there is no class of entities to which PR 2008/15 will apply.

Commissioner of Taxation
8 October 2008

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TR 97/7
TR 97/11
TR 98/22
TR 2000/8
TR 2007/6
PR 2008/8

Subject References:
carrying on a business
commencement of business
fee expenses
interest expenses
management fee
non-commercial losses
producing assessable income
product rulings
public rulings
stamp duty
tax avoidance
tax benefits under tax avoidance schemes
tax shelters
tax shelters project
taxation administration

Legislative References:
ITAA 1936 82KL
ITAA 1936 Pt III Div 3 Subdiv H
ITAA 1936 82KZME
ITAA 1936 82KZMF
ITAA 1936 Pt IVA
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1936 177D(b)
ITAA 1997 6-5
ITAA 1997 8-1
ITAA 1997 17-5
ITAA 1997 25-20
ITAA 1997 Div 27
ITAA 1997 Div 35
ITAA 1997 35-10
ITAA 1997 35-10(2)
ITAA 1997 35-55
ITAA 1997 35-55(1)(b)
ITAA 1997 Div 40
ITAA 1997 40-515(1)(b)
ITAA 1997 40-520(2)
ITAA 1997 40-525(2)
ITAA 1997 40-530
ITAA 1997 40-545
ITAA 1997 328-110
TAA 1953
TAA 1953 Sch 1 357-75(1)
Copyright Act 1968
Corporations Act 2001
SISA 1993

Case References:
Commissioner of Taxation v. Lau
(1984) 6 FCR 202
84 ATC 4929
(1984) 16 ATR 55