Product Ruling

PR 2020/4A1

Income tax: taxation consequences for a borrower being charged an 'Indexed Rate' of interest under a home loan

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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 2020/4 to reflect a change in the entity involved in the administration of the scheme.

PR 2020/4 is amended as follows:

1. Paragraph 2

Omit 'Index Mortgage Australia Pty Ltd (IMCO)'; substitute 'The Index Mortgage Company Limited (TIMC)'.

2. Paragraph 15

Omit the dot points; substitute:

•

application for a Product Ruling as constituted by documents and information received on 9 March 2020, 27 July 2020 and 13 August 2020, and

•

pro forma agreement amending lender's standard terms, received on 13 August 2020 (referred to as the 'pro forma terms' for the purposes of this Product Ruling).

3. Paragraph 18 and 19

Omit each occurrence of the acronym 'IMCO'; substitute 'TIMC'.

This Addendum applies before and after the date of issue.

Commissioner of Taxation
9 September 2020

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References

ATO references:
NO 1-MFOEYBI

Business Line:  PW