Income tax: Capricorn Timber Indian Sandalwood Project

Product Ruling PR 2008/14 sets out the Commissioner's opinion on the tax consequences of Growers accepted into the Capricorn Timber Indian Sandalwood Project (the Project) from 20 February 2008 to 30 June 2008 inclusive. Growers were to participate in the business of cultivation, harvest and sale of Indian Sandalwood trees.

The Project did not commence as it did not achieve the minimum subscription of 275 Woodlots as required under the terms of the Product Disclosure Statement. Therefore, PR 2008/14 has no application as it does not rule on the tax consequences for any entity.