Income tax: Mediterranean Olives Project 2002

Product Ruling PR 2002/74 is withdrawn with effect from today.

Product Ruling PR 2002/74 set out the Commissioner's opinion on the tax consequences for persons participating in the Mediterranean Olives Project 2002 by entering into a Grove Lease and a Management Agreement to commercially grow and cultivate olive groves to produce olives.

The terms of the Product Ruling specifically excluded taxpayers who entered into finance arrangements with an associate of the Responsible Entity. All taxpayers who took part in the Project entered into such finance arrangements and are excluded from the scope of the Product Ruling on this basis. Product Ruling PR 2002/74 has no application as it does not rule on the tax consequences for any taxpayer.