Product Ruling
PR 2019/3A3 - Addendum
Income tax: taxation consequences for a Customer entering into a Prepay Plus Agreement with Landmark
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Addendum
This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Product Ruling PR 2019/3 to expand the class of entities that rely on it by including entities covered by subsection 82KZM(1A) of the Income Tax Assessment Act 1936.
PR 2019/3 is amended as follows:
At the end of the first dot point, insert new footnote 2:
2 On 1 January 2021, subsection 82KZM(1A) was inserted into the ITAA 1936, applicable in relation to expenditure incurred on or after 1 July 2020. From 1 July 2020, all references in this Product Ruling to a:
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- Customer that is (or entities that are) a small business entity as defined in section 328-110 of the ITAA 1997 should be read to mean a Customer that is (or entities that are) a small business entity as defined in section 328-110 of the ITAA 1997 or an entity covered by subsection 82KZM(1A)
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- taxpayer that is a small business entity should be read to mean a taxpayer that is a small business entity or an entity covered by subsection 82KZM(1A), and
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- Customer that is not (or entities that are not) a small business entity as defined in section 328-110 of the ITAA 1997 should be read to mean a Customer that is not (or entities that are not) a small business entity as defined in section 328-110 of the ITAA 1997 or an entity covered by subsection 82KZM(1A).
This Addendum applies before and after the date of issue.
Commissioner of Taxation
23 August 2023
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References
ATO references:
NO 1-YIKPAKO