Product Ruling

PR 2006/126W

Income tax: deductibility of interest incurred on borrowings under the Suncorp Protected Loan

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Notice of Withdrawal

Product Ruling PR 2006/126 is withdrawn with effect from 1 July 2007.

1. Product Ruling PR 2006/126 sets out the Commissioner's view on the deductibility of interest for entities participating in the Suncorp Protected Loan.

2. From 1 July 2007, the recently enacted Division 247 of the Income Tax Assessment Act 1997 applies a different methodology for calculating the cost of capital protection for entities in the Suncorp Protected Loan. PR 2006/126 therefore has no application to entities entering into the Suncorp Protected Loan on or after 1 July 2007.

Commissioner of Taxation
4 July 2007

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TR 95/33

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

Legislative References:
ITAA 1936 51AAA
ITAA 1936 82KL
ITAA 1936 Pt III Div 3 Subdiv H
ITAA 1936 82KZL(1)
ITAA 1936 82KZL(2)(a)
ITAA 1936 82KZM
ITAA 1936 82KZMA
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 1997 8-1
ITAA 1997 104-10
ITAA 1997 104-25
ITAA 1997 110-25
ITAA 1997 110-25(2)
ITAA 1997 104-25(1)(c)
ITAA 1997 104-25(3)
ITAA 1997 110-55
ITAA 1997 110-55(2)
ITAA 1997 Div 134
ITAA 1997 134-1(1)
ITAA 1997 134-1(4)
ITAA 1997 Subdiv 328-F
ITAA 1997 Subdiv 328-G
TAA 1953
TAA 1953 Sch 1 357-75(1)
Copyright Act 1968
Corporations Act 2001