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This Ruling sets out the Commissioner's opinion on the way in which certain tax laws apply to persons who take part in the Lakevista Abalone Aquaculture Project ('the Project'). This Ruling applies to persons who were accepted to participate in the Project on or before 1 December 2004.

Lakevista Enterprises Ltd (the Applicant) has advised that the Project did not proceed and therefore the Product Ruling has no application.

Product Ruling PR 2004/72 does not rule on the income tax consequences for any taxpayer.