Notice of Withdrawal
Product Ruling PR 2004/67 set out the Commissioner's opinion on the tax consequences for persons participating in the Burbank Film and Television Fund ('the Fund') provided the minimum subscription was achieved by 30 June 2004, and provided the Accession Deed, Investment Agreement, Copyright Acquisition Agreement and Distribution Agreement was executed on or before 30 June 2004.
The minimum subscription was not met and the Fund did not proceed on or before 30 June 2004. Product Ruling PR 2004/67 has no application as it does not rule on the tax consequences for any taxpayer.
A new arrangement has been implemented by the Manager for this Fund under which the minimum subscription is to be achieved, and the Accession Deed, Investment Agreement, Copyright Acquisition Agreement and Distribution Agreement executed, on or before 30 June 2005.
The new arrangement is dealt with by PR 2004/94 which issues today. PR 2004/94 only applies to participants accepted into the arrangement on or after 22 September 2004.