Product Ruling

PR 2004/60W

Income tax: Environinvest Eucalypt Project No. 7

• Please note that the PDF version is the authorised version of this withdrawal notice.
  This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

Notice of Withdrawal

Product Ruling PR 2004/60 is withdrawn with effect from today.

1. Product Ruling PR 2004/60 set out the Commissioner's opinion on the tax consequences for persons participating in the Environinvest Eucalypt Project No. 7 ('the Project') by entering into a lease and management agreement for the purpose of carrying on a commercial afforestation project.

2. PR 2004/60 is withdrawn as a new arrangement has been implemented by the Responsible Entity for this Project and no further Growers will be accepted under the old arrangement. The Responsible Entity has introduced an internal financier and issued a supplementary Product Disclosure Statement which alters the fees associated with this Project.

3. The new arrangement is dealt with by PR 2005/31 which issues today. PR 2005/31 only applies to Growers accepted from the date of this Ruling.

4. PR 2004/60 applies to persons who were accepted to participate in the Project between 19 May 2004 and 16 March 2005. Despite the withdrawal of this Ruling, it continues to apply to Growers accepted between these dates. Such Growers can continue to rely on the Ruling made.

Commissioner of Taxation
16 March 2005

This Ruling has been replaced by Product Ruling PR 2005/31.

References

ATO references:
NO 2003/11684

Related Rulings/Determinations:

PR 1999/95
TR 92/1
TR 97/16
TR 92/20
TD 93/34
TR 98/22
TR 2001/14
TR 2000/8
TR 97/11
TD 2003/12

Subject References:
advance deductions and expenses for certain forestry expenditure
carrying on a business
commencement of business
fee expenses
forestry agreement
interest expenses
management fees
non commercial losses
producing assessable income
product rulings
public rulings
seasonally dependent agronomic activity
taxation administration
tax avoidance
tax benefits under tax avoidance schemes
tax shelters
tax shelters project

Legislative References:
ITAA 1936 Div 3 Subdiv H Pt III
ITAA 1936 Div 6
ITAA 1936 82KL
ITAA 1936 82KZL
ITAA 1936 82KZL(1)
ITAA 1936 82KZME
ITAA 1936 82KZME(7)
ITAA 1936 82KZMF
ITAA 1936 82KZMF(1)
ITAA 1936 82KZMG
ITAA 1936 82KZMG(1)
ITAA 1936 82KZMG(2)
ITAA 1936 82KZMG(3)
ITAA 1936 82KZMG(4)
ITAA 1936 82KZMG(5)
ITAA 1936 Pt IVA
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1936 177D(b)
ITAA 1936 318
ITAA 1997 6-5
ITAA 1997 8-1
ITAA 1997 17-5
ITAA 1997 25-25
ITAA 1997 25-25(6)
ITAA 1997 Div 27
ITAA 1997 Div 35
ITAA 1997 35-10
ITAA 1997 35-10(2)
ITAA 1997 35-55
ITAA 1997 35-55(1)(b)
ITAA 1997 108-5
ITAA 1997 110-25(2)
ITAA 1997 Div 328
ITAA 1997 328-105
ITAA 1997 328-105(1)(a)
ITAA 1997 328-105(1)(b)
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
TAA 1953 Pt IVAAA
Copyright Act 1968
Corporations Act 2001

Case References:
Commissioner of Taxation v. Lau
(1984) 6 FCR 202
84 ATC 4929
(1984) 16 ATR 55