Product Ruling

PR 2000/96W

Income tax: Queensland Paulownia Forests Project No 4

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FOI status:

Notice of Withdrawal

Product Ruling PR 2000/96 is withdrawn with effect from 21 May 2007.

1. Growers acquired an interest in the scheme to commercially grow and cultivate Paulownia trees for the purpose of harvesting and selling timber.

2. The Project was wound up on 21 May 2007, under an order of the Supreme Court of Queensland, following the appointment of an Administrator for the Responsible Entity on 28 February 2007.

3. Although this Product Ruling is withdrawn the tax benefits ruled on will still be available up until the 21 May 2007 for those Growers included in the class of persons ruled for in this Product Ruling.

4. As the scheme ceased on 21 May 2007 Growers are no longer considered to be carrying on a business activity from this date. Accordingly, the Commissioner is not required to consider the exercise of his discretion under paragraph 35-55(1)(b) of the Income Tax Assessment Act 1997 to allow losses from non-commercial business activities after the year ended 30 June 2007.

Commissioner of Taxation
26 March 2008

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

PR 1999/100
PR 1999/95
TR 92/1
TR 92/20
TR 97/11
TR 97/16
TR 98/22
TD 93/34

Subject References:
afforestation expenses
carrying on a business
commencement of business
management fees expenses
product rulings
public rulings
producing assessable income
schemes and shams
tax avoidance
tax benefits under tax avoidance schemes
tax shelters
tax shelters project
taxation administration

Legislative References:
ITAA 1936 82KL
ITAA 1936 82KM
ITAA 1936 82KZL
ITAA 1936 82KZMA(3)(c)
ITAA 1936 82KZMA
ITAA 1936 82KZMB
ITAA 1936 82KZMC
ITAA 1936 82KZMD
ITAA 1936 82KZME
ITAA 1936 82KZMF
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1936 Pt IVA
ITAA 1997 8-1
ITAA 1997 8-1(1)(a)
ITAA 1997 8-1(1)(b)
ITAA 1997 17-5
ITAA 1997 27-5
ITAA 1997 27-30
ITAA 1997 35-10(2)
ITAA 1997 35-10(4)
ITAA 1997 35-30
ITAA 1997 35-35
ITAA 1997 35-40
ITAA 1997 35-45
ITAA 1997 35-55
ITAA 1997 35-55(1)(a)
ITAA 1997 35-55(1)(b)
ITAA 1997 35-55(2)
ITAA 1997 960-335
ITAA 1997 960-340
ITAA 1997 960-345
ITAA 1997 960-350