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Product Ruling PR 2004/107 sets out the Commissioner's view on the income tax consequences for entities participating in the Westpac IWK Series Instalments 2003 Product Disclosure Statement and 2004 Supplementary Product Disclosure Statement for cash applicants and on-market market purchasers.

From 1 July 2007, the recently enacted Division 247 of the Income Tax Assessment Act 1997 applies a different methodology of calculating the cost of capital protection for entities in the Westpac IWK Series Instalments. PR 2004/107 therefore has no application to entities entering into the Westpac IWK Series Instalments on or after 1 July 2007.