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This Product Ruling is withdrawn following the Treasurer's announcement that the Government has decided to amend the Income Tax Assessment Act 1997 in relation to capital protected products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PR 2003/6 is being withdrawn because it does not deal with the way in which the proposed amendments to the law will apply to a person in relation to the arrangement set out in that ruling.