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.
An agreement for the transfer of property is executed between a vendor and a purchaser. Both are members of a countertrade organisation and are acting at arms length. The rules of the countertrade organisation specify that one credit dollar is the equivalent of one Australian dollar. This conversion rate is longstanding and widely adopted. The consideration expressed for the purchase is 200,000 trade dollars.
Transfer duty is chargeable on the agreement as a transfer of dutiable property and assessable on either the expressed consideration or the unencumbered value of the property, whichever is the greater. In this case, duty would be assessed on consideration of $200,000.
Commissioner of State Revenue
Date of issue: 20 August 2009
|Public Ruling||Issued||Dates of effect|
|DA501.2.1||20 August 2009||20 August 2009||Current|