Product Ruling
PR 2007/70A - Addendum
Income tax: Great Southern 2008 High Value Timber Project
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Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
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:
Omit the last two dot points; substitute:
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- Land and Management Agreement to be entered into by each Grower and Great Southern Managers Australia Limited (the Manager), received 21 May 2007;
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- Draft Loan Deed to be entered into by each Grower and Great Southern Finance Pty Ltd or the Preferred Financier, received 2 February 2007;
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- further correspondence received 13 February 2008, 4 March 2008, 29 April 2008, 20 May 2008, and 21 May 2008; and
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- Draft Application for Term Finance and the Term of Loan Deed received 20 May 2008.
Omit 'Loan Agreement'; substitute 'Application included with the Product Disclosure Statement, Application for Term Finance, and Term of Loan Deed'.
(a) Omit 'The Loan Agreement'; substitute 'Finance'.
(b) Omit third dot point; substitute:
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- 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
(a) Omit 'the Loan Agreement'; substitute 'finance'.
(b) Omit third and fourth dot points; substitute:
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- 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
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- 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
(a) Omit 'Loan Agreement'; substitute 'finance'.
(b) Omit third dot point; substitute:
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- 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
(a) Omit 'under the loan agreement'.
(b) Omit from first dot point '3'; substitute '2'.
(c) Omit fifth and sixth dot points; substitute:
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- 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;
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- 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