Income tax: tax consequences of investing in Westpac 'IWL' Series Instalments 2003 Product Disclosure Statement and 2004 Supplementary Product Disclosure Statements - cash applicants and on-market purchasers

Product Ruling PR 2004/108 sets out the Commissioner's view on the income tax consequences for entities participating in the Westpac IWL Series Instalments 2003 Product Disclosure Statement and 2004 Supplementary Product Disclosure Statement for cash applicants and on-market purchasers.

From 1 July 2007, the recently enacted Division 247 of the Income Tax Assessment Act 1997 applies a different methodology for calculating the cost of capital protection for entities in the Westpac IWL Series Instalments. PR 2004/108 therefore has no application to entities entering into the Westpac IWL Series Instalments on or after 1 July 2007.