The ATO on Wed 26.2.2014, issued the following Product Rulings:
- PR 2014/2: Challenger Care Annuity. It applies prospectively from 1 July 2013 to entities that enter into the scheme from 1 July 2013 until 30 June 2016. Broadly, the Ruling states that regular payments made to the holder of the annuity are assessable income under s 27H(1) to the extent that the regular payments exceed the “deductible amount” in relation to the annuity.
- PR 2014/3: TFS Sandalwood Project 2014. It applies prospectively from Wed 26.2.2014 to Growers that enter into the scheme from Wed 26.2.2014 until 30 June 2014. Among other things, the Ruling states that the Commissioner will exercise his discretion in relation to the deferral of losses from non-commercial business activities (s 35-55 of the ITAA 1997) provided that certain conditions are satisfied for the year concerned.
[LTN 38, 26/2/14]