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Product Ruling PR 2003/67 sets out the Commissioner's opinion on the way in which certain tax laws apply to Growers who take part in the NTT Mahogany Project (the Project). This Ruling continues to apply to Growers who were accepted to participate in the Project on or before 30 June 2004 in relation to the deductibility of costs incurred for the year ended 30 June 2004.

PR 2003/67 was previously amended on 28 April 2004 to reflect a change in the arrangement in respect of the size of the woodlot and the calculation of the incentive fee.

As a result of further changes to the arrangement to extend the date for completion of the Plantation Establishment Services, this Ruling is now withdrawn. The tax consequences for Growers who participate in the NTT Mahogany project for the year ended 30 June 2005 and later years are now covered by PR 2004/105 which applies from today.