Income tax: Alpine Meadows Olive & Walnut Project No. 1 (Early Growers)

Product Ruling PR 2007/60 was to rule on the income tax consequences of Growers accepted into the Alpine Meadows Olive & Walnut Project No. 1 (the Project) from 13 June 2007 to 15 June 2007 inclusive. Growers were to participate in the business of commercial growing and sale of olives and walnuts.

The Project did not commence on or before 15 June 2007 as it did not achieve the minimum subscription of 364 Groves as required under the terms of the Product Disclosure Statement. Paragraph 20 of PR 2007/60 stipulated that deductions were not available to Growers until the minimum subscription had been achieved and the Project had commenced. Therefore PR 2007/60 has no application as it does not rule on the tax consequences for any taxpayer.