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.
Sam Jones and Kim Jones establish a self-managed superannuation fund known as the Jones Family Superannuation Fund. Sam and Kim are both the trustees and beneficiaries of the trust fund.
Sam and Kim as trustees of the Jones Family Superannuation Fund purchase residential land to be used as an investment property for their retirement.
On retirement, Sam and Kim decide to occupy the residential land held by the fund as their principal place of residence.
In order to achieve this, Sam and Kim take a lump sum from the Jones Family Superannuation Fund in the form of an in specie distribution of the residential land.
Sam and Kim as trustees of the Jones Family Superannuation Fund complete a Queensland Titles Registry Form 1 Transfer of the residential land from themselves as trustees of the fund to themselves as joint tenants in their own right.
The transfer of the land is assessed as a termination of a trust of dutiable property under the Duties Act because Sam and Kim, having held the property as trustees, start to hold the property other than as trustees.
The termination of a trust of dutiable property is ineligible for the home concessions.
Commissioner of State Revenue
Date of issue: 13 March 2018
|Public Ruling||Issued||Dates of effect|
|DA085.3.1||13 March 2018||13 March 2018||Current|