TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA.

Chapter 5 - Administration  

PART 5-5 - RULINGS  

Division 357 - Object and common rules  

Subdivision 357-A - Object of this Part  

SECTION 357-5   OBJECT OF THIS PART  

357-5(1)  
The object of this Part is to provide a way for you to find out the Commissioner's view about how certain laws administered by the Commissioner apply to you so that the risks to you of uncertainty when you are self assessing or working out your tax obligations or entitlements are reduced.

357-5(2)  
This object is achieved by:


(a) making advice in the form of rulings by the Commissioner available on a wide range of matters and to many taxpayers; and


(b) ensuring the Commissioner provides rulings in a timely manner; and


(c) enabling the Commissioner to obtain, and make rulings based on, relevant information; and


(d) protecting you from increases in tax and from penalties and interest where you rely on rulings; and


(e) protecting you from decreases in entitlements where you rely on rulings; and


(f) limiting the ways the Commissioner can alter rulings to your detriment; and


(g) giving you protection from interest charges where you rely on other advice from the Commissioner, or on the Commissioner's general administrative practice.

357-5(3)  


A further object of this Part is to provide a way for you to find out *Innovation and Science Australia's view about whether activities are not ineligible activities for the purposes of applying capital gains tax provisions to venture capital investments.



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