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The Practical Aspects of Preparing Private Rulings

Published on 28 Mar 2012 | Took place at Mills Oakley Lawyers, Melbourne, VIC

This event sought to increase your chances of obtaining a successful ruling for your client and while it touched on some of the technical isssues of the private ruling system, it also focused on the practical and strategic aspects of the rulings process.

The private rulings system provides an opportunity for taxpayers to obtain certainty on how the Commissioner will apply relevant provisions of the taxation laws to their specific circumstances or transaction. Private ruling applications can be made in respect of a range of matters including income tax, CGT, withholding tax, GST, franking tax and FBT.

A key consideration for practitioners advising their clients is whether or not applying for a private ruling is appropriate in the particular circumstances. Even where the prospects of success are good, the way in which a private ruling application is prepared and managed may greatly affect the outcome. It may mean the difference between obtaining a favourable ruling for your client and the client having to abandon/alter the proposed transaction or invoke their objection rights under Part IVC.

Individual sessions

The practical aspects of preparing private rulings

Author(s):  Andrea Carrick

This presentation covers:

  • private rulings - Opportunity to obtain certainty from Commissioner on application of tax laws to specific circumstances or transaction
  • key feature of self-assessment system of taxation
  • Inspector-General Report May 2010 - 8,917 income tax private rulings in 2009, 56% favourable
  • two key aspects: preparing private ruling application and managing application with ATO.
Materials from this session: