Notice of Withdrawal
Growers acquired an interest in the scheme to commercially grow and cultivate Paulownia trees for the purpose of harvesting and selling timber.
The Project was wound up on 21 May 2007, under an order of the Supreme Court of Queensland, following the appointment of an Administrator for the Responsible Entity on 28 February 2007.
Although this Product Ruling is withdrawn, the tax benefits ruled on will still be available up until 21 May 2007 for those Growers included in the class of persons ruled for in this Product Ruling.
As the scheme ceased on 21 May 2007 Growers are no longer considered to be carrying on a business activity from this date. Accordingly, the Commissioner is not required to consider the exercise of his discretion under paragraph 35-55(1)(b) of the Income Tax Assessment Act 1997 to allow losses from non-commercial business activities after the year ended 30 June 2007.