Income tax: Australian South Sea Pearl Project 2006

Product Ruling PR 2006/48 sets out the Commissioner's opinion on the tax consequences for entities participating in the Australian South Sea Pearl Project 2006 ('the Project') by entering into a Management Agreement for the purpose of carrying on a commercial pearl farming business.

The promoter has since advised the Tax Office that the Project did not proceed, and therefore, no interests were sold. Therefore, PR 2006/48 has no application as it does not rule on the tax consequences for any entity.