The Resource Oh, for the want of a ruling

Oh, for the want of a ruling

Label
Oh, for the want of a ruling
Title
Oh, for the want of a ruling
Creator
Subject
Language
eng
Summary
The private ruling system is intended to provide certainty for taxpayers about the taxation outcomes of their transactions. It appears, however, that that hoped-for certainty can be elusive, especially where the Commissioner fails to make a ruling when requested to do so. The recent decision of a Full Court of the Federal Court of Australia in IOOF Holdings Ltd v FCT, a case about the consolidation provisions of the Income Tax Assessment Act 1997, is an example in which a taxpayer, through no fault of its own, has been thwarted by the private ruling system in circumstances where the Commissioner failed (rather than declined) to make a ruling. This article examines the decisions in the case at each level. The author concludes that the taxpayer might justifiably question why a ruling was not issued within the ATO's self-imposed 28-day service standard. Had that occurred, the controversy would not have arisen
Citation source
In: Taxation in Australia. - Sydney. - Vol. 49 (2014),
http://library.link/vocab/creatorName
Mathews, M
Language note
English
http://library.link/vocab/subjectName
  • private ruling
  • case law
Label
Oh, for the want of a ruling
Publication

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