Section 65

Binding private rulings 

(1) A taxpayer may apply to the Commissioner for a private ruling which shall set out the Commissioner’s interpretation of a tax law in relation to a transaction entered into, or proposed to be entered into, by the taxpayer.

(2) An application under this section shall be in writing and—

• (a) shall include all relevant details of the transaction to which the application relates together with all relevant documents; 
• (b) shall specify precisely the question on which the Commissioner’s interpretation is required; and 
• (c) shall give a full statement setting out the interpretation by the applicant of the tax law in relation to the transaction. 

(3) Subject to section 66, the Commissioner shall issue a private ruling to an applicant within forty five sixty days of receiving an application for a private ruling under this section. (TaxLAA-No1-2020 wef-25April2020)  

(4) If the taxpayer has made a complete and accurate disclosure of the transaction in relation to an application for a private ruling and the transaction has proceeded in all material respects as described in the application, the private ruling shall be binding on the Commissioner.

(5) A private ruling shall not be binding on a taxpayer.

(6) A private ruling that is inconsistent with a public ruling that is in existence at the time of the making of the private ruling shall supersede the public ruling to the extent of the inconsistency with the public ruling.

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