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.
Residential land (Black Acre) is owned by X Pty Ltd as trustee for the AB Trust. The sole beneficiary of the AB Trust is Y Pty Ltd. Y Pty Ltd holds its beneficial interest as trustee for the CD Trust. The beneficiaries of the CD Trust are Mr Z and Mrs Z who use Black Acre as their home. No home exemption is applicable for Black Acre as the beneficiary of the trust that holds the land (Y Pty Ltd), being a company, can not use the land as a home. Mr and Mrs Z, who use the land as their home, are not beneficiaries of the trust that holds the land.
Deputy Commissioner of State Revenue
Date of issue: 6 June 2011
|Public Ruling||Issued||Dates of effect|
|LTA041.1.2||6 June 2011||1 July 2011||Current|
|LTA041.1.1||30 June 2010||30 June 2010||30 June 2011|