Notice of Withdrawal
Product Ruling PR 2001/65 is withdrawn with effect from today.
Product Ruling PR 2002/65 is withdrawn due to an inconsistency with Taxation Ruling TR 2001/14 which issued on 19 December 2001 on the subject of Division 35 - non-commercial business losses. TR 2001/14 discusses the circumstances in which a business activity will be eligible for an exercise of the Commissioners discretion in paragraph 35-55(1)(b). Under subparagraph 35-55(1)(b)(i) there is a requirement that there is something innate or inherent in the nature of the activity that results in a period of time between when the activity commences and when it first produces assessable income. Where a newly commenced business does not have such a feature it will be ineligible for an exercise of the discretion in paragraph 35-55(1)(b). There is no such feature in the NoRegrets Managed Retail Franchise Project.