broker report , page-8

Watford,

You are right. What has been overturned is the previous court decision of the tax-deductibility for investors in the agri-MIS schemes. The other coming test case of the same tax-deductibility issue I believe will be heard in courts later this year, but because the ATO has already won its appeal against the previous court decision, the odds for it to win the new test case has become very high.

If the ATO wins the test case again in court later this year, then the tax-deductibility for all new non-forestry MIS schemes would be stopped from 1/7/2008 onwards as announced before. This would have very serious effects on all MIS companies if they would still be able survive. This is also why I guess GTP/TIM/etc would be keeping silent on "tax ruling overturned" news for the time being.