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.
A security trust holds a mortgage over dutiable property of a corporation being land and business assets. The trust also holds charges over property in New South Wales and overseas and owns real estate in Victoria.
Condition (a) of s.121 is satisfied because the only dutiable property of the trust is the mortgage. This would not be the case, however, if the trust also owned land in Queensland.
Commissioner of State Revenue
Date of issue: 24 February 2009
|Public Ruling||Issued||Dates of effect|
|DA121.1.1||24 February 2009||24 February 2009||Current|
|Supersedes Practice Direction DA 42.3||16 May 2003||16 May 2003||23 February 2009|