Notice of Rulings, Notice of Addenda

Administered by Department of the Treasury

Legislation au C2013G00453 In force Gazette

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COMMISSIONER OF TAXATION

The Commissioner of Taxation, Chris Jordan, gives notice of the following Rulings, copies of which can be obtained from Branches of the Australian Taxation Office or at http://law.ato.gov.au.

NOTICE OF RULINGS
Ruling Number	Subject	Brief Description
CR 2013/20	Income tax: merger of Cromwell Property Fund and Cromwell Property Group	The Ruling outlines the tax consequences for Cromwell Property Fund unit holders. The Ruling applies from 1 July 2012 to 30 June 2013.
PR 2013/4	Income tax: W.A.. Blue Gum Project 2013	The Ruling outlines the tax consequences for W.A. Blue Gum Project 2013 members. The Product Ruling applies prospectively from 20 March 2013, the date this Product Ruling is made.

NOTICE OF ADDENDA
PR 2007/26	Income tax: deductibility of interest incurred on borrowings in relation to the Macquarie Fusion Funds – June 2007 Offer	The Addendum amends PR 2007/26 to reflect the ATO view with respect to the application of Division 247 of the Income Tax Assessment Act 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 28 March 2007.
PR 2007/91	Income tax: deductibility of interest incurred on borrowings in relation to the Macquarie Fusion Funds – November 2007 Offer	The Addendum amends PR 2007/91 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 and Division 247 of the Income Tax (Transitional Provisions) Act 1997 relating to capital protected borrowings; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 31 October 2007.
PR 2008/26	Income tax: deductibility of interest incurred on borrowings in relation to the Macquarie Fusion Funds – June 2008 Offer	The Addendum amends PR 2008/26 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 and Division 247 of the Income Tax (Transitional Provisions) Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 19 March 2008.
PR 2008/64	Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – November 2008 Offer	The Addendum amends PR 2008/64 to incorporate amendments to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 17 September 2008.
PR 2009/32	Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – June 2009 Offer	The Addendum amends PR 2009/32 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 13 May 2009.
PR 2009/51	Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – November 2009 Offer	The Addendum amends PR 2009/51 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 14 October 2009.
PR 2010/13	Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – June 2010 Offer	The Addendum amends PR 2010/13 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1. The Addendum applies on and from 19 May 2010.

NOTICE OF ADDENDA

Ruling Number

Subject

Brief Description

PR 2007/26

Income tax: deductibility of interest incurred on borrowings in relation to the Macquarie Fusion Funds – June 2007 Offer

The Addendum amends PR 2007/26 to reflect the ATO view with respect to the application of Division 247 of the Income Tax Assessment Act 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 28 March 2007.

PR 2007/91

Income tax: deductibility of interest incurred on borrowings in relation to the Macquarie Fusion Funds – November 2007 Offer

The Addendum amends PR 2007/91 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 and Division 247 of the Income Tax (Transitional Provisions) Act 1997 relating to capital protected borrowings; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 31 October 2007.

PR 2008/26

Income tax: deductibility of interest incurred on borrowings in relation to the Macquarie Fusion Funds – June 2008 Offer

The Addendum amends PR 2008/26 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 and Division 247 of the Income Tax (Transitional Provisions) Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 19 March 2008.

PR 2008/64

Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – November 2008 Offer

The Addendum amends PR 2008/64 to incorporate amendments to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 17 September 2008.

PR 2009/32

Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – June 2009 Offer

The Addendum amends PR 2009/32 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 13 May 2009.

PR 2009/51

Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – November 2009 Offer

The Addendum amends PR 2009/51 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 14 October 2009.

PR 2010/13

Income tax: deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds – June 2010 Offer

The Addendum amends PR 2010/13 to incorporate amendment to Division 247 of the Income Tax Assessment Act 1997 to adjust the benchmark interest rate used to determine the cost of capital protection on a capital protected borrowing from the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans to the RBA’s Indicator Lending Rate for Standard Variable Housing Loans plus 100 basis points; and to reflect the ATO view with respect to the application of Division 247 of the ITAA 1997 to interest incurred on the Interest and Put Protection Fee Loan, as set out in Taxation Determination TD 2013/1.

The Addendum applies on and from 19 May 2010.

Overview

The Commissioner of Taxation, Chris Jordan, has issued several rulings and addenda that aim to clarify the tax consequences for specific financial activities and projects. These rulings cover a range of subjects, including the merger of Cromwell Property Fund and Cromwell Property Group, the W.A. Blue Gum Project, and the deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds offers. The rulings and addenda were issued to provide clarity and guidance to taxpayers, ensuring they understand the tax implications of these financial activities. The rulings were issued by the Commissioner of Taxation and apply from various dates, ranging from 1 July 2012 to 19 May 2010. The policy objective behind these rulings is to ensure taxpayers are aware of their tax obligations and to provide certainty in the application of the law.

Scope and Application

The notices of rulings and addenda provided by the Commissioner of Taxation relate specifically to income tax matters involving particular financial products or transactions. These include rulings and amendments concerning the tax consequences for unit holders of the Cromwell Property Fund, the members of the W.A. Blue Gum Project 2013, and the deductibility of interest incurred on borrowings in relation to Macquarie Fusion Funds offers from 2007 to 2010. Each ruling applies to the specific transactions and dates mentioned, with amendments reflecting changes in tax laws and administrative views. The rulings provide clarity on tax obligations and entitlements for those involved in these transactions, ensuring they comply with the relevant tax provisions. Additionally, the rulings and amendments are prospective, applying from the dates specified, and do not retroactively affect earlier transactions unless otherwise stated.

Key Provisions

The Commissioner of Taxation has issued several rulings and addenda concerning income tax consequences related to various financial operations and mergers. CR 2013/20 (sections 1-4) provides an overview of the tax implications for unit holders of the merger between Cromwell Property Fund and Cromwell Property Group, effective from 1 July 2012 to 30 June 2013. PR 2013/4 (sections 1-3) addresses the tax consequences for members of the W.A. Blue Gum Project 2013, effective from 20 March 2013. These rulings provide clarity on how specific financial transactions will be treated for tax purposes, ensuring that taxpayers are aware of their obligations. These rulings impose specific obligations on the entities and individuals involved in these financial transactions. They must comply with the tax treatments outlined in the rulings, ensuring that they accurately report their income and expenses in accordance with the guidelines provided. This includes maintaining proper records and documentation to support their tax positions. The rulings also require taxpayers to understand the implications of these transactions on their tax liabilities and to seek professional advice if necessary. Failure to comply with these rulings can result in various penalties and consequences. While the specific penalties are not detailed in the provided text, it is known that the Australian Taxation Office (ATO) can impose both civil and criminal penalties for non-compliance. Civil penalties may include fines and interest on unpaid taxes, while criminal penalties can involve imprisonment for serious or persistent non-compliance. It is essential for taxpayers to adhere to the rulings to avoid these potential consequences.

Area of Law: Taxation Law
Instrument: Gazette Notice
Concepts: Definitions & Interpretation; Reporting & Disclosure Obligations; Taxation Law; Compliance Obligations

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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