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13. Samuel has applied to, and received back from, the ATO information regarding how the...

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Accounting

13. Samuel has applied to, and received back from, the ATO information regarding how the tax law applies to his circumstances. The information Samuel receives is binding on the ATO if Samuel enters into the tax arrangement described in the information. Explain what type of information Samuel has received from the ATO.

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Samuel has received what is known as a Private Ruling from the Australian Taxation Office ATO A Private Ruling is a formal written statement provided by the ATO that interprets how tax laws apply to a specific set of circumstances presented by a taxpayer Heres a breakdown of the key aspects of a Private Ruling 1 Binding Nature The information contained in the    See Answer
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