Product Ruling

PR 2002/89W

Income tax: deductibility of interest incurred on borrowings under the Leveraged Equities Share Protection Plan

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FOI status:

Notice of Withdrawal

Product Ruling PR 2002/89 is withdrawn with effect from today.

1. This Ruling was about the borrowing of moneys from Leveraged Equities Limited to fund the acquisition of shares listed on the Australian Stock Exchange and or units of a widely held trust. Under the arrangement in this Ruling, the term of the loan was either three or five years.

2. This Ruling is withdrawn because the arrangement now covers loans with terms of one, two, three, four or five years. This Ruling is replaced by Product Ruling PR 2003/49 which issues today.

Commissioner of Taxation
9 July 2003

This Ruling has been replaced by PR 2003/49.

References

ATO references:
NO 2002/011971

Related Rulings/Determinations:

PR 2001/163
PR 1999/95
TR 92/1
TR 92/20
TR 97/11
TR 97/16
TD 93/34
TR 95/33
TR 98/22

Subject References:
financial products
interest expenses
prepaid expenses
product rulings
public rulings
STS taxpayer
taxation administration
tax avoidance

Legislative References:
TAA 1953 Part IVAAA
ITAA 1936 51AAA
ITAA 1936 82KL
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 82KZME(5)(b)(iii)
ITAA 1936 82KZMF
ITAA 1936 Pt IVA
ITAA 1936 Schedule 2F
ITAA 1936 272-105
ITAA 1936, Subdivision H of Division 3 of Part III
ITAA 1997 8-1
ITAA 1997 104-25(2)
ITAA 1997 Div 108, Pt 3-1
ITAA 1997 Div 110, Pt 3-1
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G