REAO
26th March 2008, 03:20 AM
A private ruling is:
a written expression of the Tax Office’s opinion on the way in which a relevant tax law applies, or would apply, to in relation to a specified scheme (http://ato.gov.au/individuals/content.asp?doc=/content/34047.htm&page=2#P25_1180).
legally binding on the Tax Office who will be bound to act in the way set out in the ruling, even if the private ruling is later found to be incorrect, if you chose to rely on it, and
binding only in respect of a specified scheme, and cannot be taken as a precedent for someone else.Scheme
We use scheme as a general term in taxation matters on this site and in the application forms.
A scheme can be any agreement, arrangement, understanding, plan, proposal, action, course of action or course of conduct, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings.
a written expression of the Tax Office’s opinion on the way in which a relevant tax law applies, or would apply, to in relation to a specified scheme (http://ato.gov.au/individuals/content.asp?doc=/content/34047.htm&page=2#P25_1180).
legally binding on the Tax Office who will be bound to act in the way set out in the ruling, even if the private ruling is later found to be incorrect, if you chose to rely on it, and
binding only in respect of a specified scheme, and cannot be taken as a precedent for someone else.Scheme
We use scheme as a general term in taxation matters on this site and in the application forms.
A scheme can be any agreement, arrangement, understanding, plan, proposal, action, course of action or course of conduct, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings.