Product Ruling

PR 2003/6W

Income tax: Equity Margins Limited Protected Equity Investment Loan

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FOI status:

Notice of Withdrawal

This Product Ruling is withdrawn following the Treasurer's announcement that the Government has decided to amend the Income Tax Assessment Act 1997 in relation to capital protected products (Treasurer's Press Release No.019 dated 16 April 2003).

The proposed amendments to the law will ensure that part of the expense on a capital protected product is attributed to the cost of the capital protection feature, is not interest and is not deductible where this cost is capital in nature. The proposed amendments will apply to arrangements, including extensions of existing arrangements, entered into on or after 9.30 am Canberra time 16 April 2003.

PR 2003/6 is being withdrawn because it does not deal with the way in which the proposed amendments to the law will apply to a person in relation to the arrangement set out in that ruling.

Commissioner of Taxation
30 April 2003

References

ATO references:
NO 2002/011971

Related Rulings/Determinations:

TR 92/1
TR 92/20
TD 93/34
TR 95/33
TR 97/16
PR 1999/95

Subject References:
borrowing expenses
debt deductions
financial products
interest expenses
prepaid expenses
product rulings
public rulings
small business Investor
taxation administration
tax avoidance
thin capitalisation

Legislative References:
ITR 1936 152N, Sch 12
TAA 1953 Part IVAAA
ITAA 1936 51AAA
ITAA 1936 79D
ITAA 1936 82KZL(1)
ITAA 1936 82KZL(2)(a)
ITAA 1936 82KZM
ITAA 1936 82KZMA
ITAA 1936 82KZMB
ITAA 1936 82KZMC
ITAA 1936 82KZMD
ITAA 1936 82KZME
ITAA 1936 82KZME(4)
ITAA 1936 82KZME(5)
ITAA 1936 82KZMF
ITAA 1936 Div 3H, PtIII
ITAA 1936 160AFD(9)
ITAA 1936 Part IVA
ITAA 1936 Part X
ITAA 1936 Part XI
ITAA 1936 Sch2F, 272-105
ITAA 1997 8-1
ITAA 1997 25-25
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
ITAA 1997 820-35
ITAA 1997 820-37
ITAA 1997 820-40
ITAA 1997 820-85
ITAA 1997 820-185
ITAA 1997 820-300
ITAA 1997 820-395
ITAA 1997 960-335
ITAA 1997 995-1
Copyright Act 1968