Income tax: Primary Yield Cropping Project No. 2 - for entities accepted into the Project on or before 15 June 2006

Product Ruling PR 2006/110 sets out the Commissioner's opinion on the tax consequences for entities participating in the Primary Yield Cropping Project No. 2 (for entities accepted into the Project on or before 15 June 2006) by entering into a Lease and a Management Agreement for the purpose of carrying on a commercial cropping project.

The Project did not proceed as no entities entered into the scheme described in the Product Ruling during the relevant period. Therefore, Product Ruling PR 2006/110 has no application as it does not rule on the tax consequences for any entity.