A public ruling, when issued, is the published view of the Commissioner of State Revenue (the Commissioner) on the particular topic to which it relates. It therefore replaces and overrides any existing private rulings, memoranda, manuals and advice provided by the Commissioner in respect of the issue(s) it addresses.
Where a change in legislation or case law (the law) affects the content of a public ruling, the change in the law overrides the public ruling—that is, the Commissioner will determine the tax liability or eligibility for a concession, grant or exemption, as the case may be, in accordance with the law.
John B is a member of the ABC Superannuation Fund, the trustee of which is ABC Ltd. John B’s wife Jane B is a member of the DEF Superannuation Fund, the trustee of which is DEF Ltd. Both funds are industry superannuation funds with a large number of industry employees as members. ABC Ltd and DEF Ltd each acquire, as trustees of the relevant superannuation funds, 30% of the units in the XYZ unit trust, a wholesale unit trust that holds land in Queensland. The transactions are entered independently by ABC Ltd and DEF Ltd, which have no relationship other than the common beneficiaries. The Commissioner will exercise the discretion under section 61(3) of the Duties Act if the documents lodged indicate the absence of common purpose or interdependent actions.
Commissioner of State Revenue
Date of issue: 16 February 2011
|Public Ruling||Issued||Dates of effect|
|DA061.1.1||16 February 2011||16 February 2011||Current|