Product Ruling

PR 2010/3A1 - Addendum

Income tax: AIL Almond Grower Project - 2010 (on or before 15 June 2010)

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Addendum

This Addendum amends Product Ruling PR 2010/3 to correct the due dates for annual rent under the Allotment Sub-Lease Agreement.

PR 2010/3 is amended as follows:

1. Paragraph 84

Omit the paragraph; substitute:

84. Under this agreement, a Grower who is not a Joint Venturer pays no lease fee or rent for the initial 2009-10 income year. After the first year, the annual rent payable is:

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$850 on 1 November 2010,

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$950 on 1 November 2011,

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$1,050 on 1 November 2012, and

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$1,200 on 1 November 2013.

The annual rent payable on 1 November of each year from 2014 to 2026 is based on a formula that includes indexing the amount of $1,200 and incorporating the cost of providing 1.56 mega litres of water.

This Addendum applies on and from 24 February 2010.

Commissioner of Taxation
3 August 2011

Not previously issued as a draft

References

ATO references:
NO 1-377O0E2