Terms generally used for class ruling are schemes, the entity, the principal, the applicant, the participant which explains in detail below:
• Scheme: It is the general term ATO used to represent any arrangement, agreement, plan, proposal, course of action, action, course of conduct, understanding, undertaking or promise. • Entity: Entity refers to body corporate, partnership, a person, body politic and other body of persons or unincorporated association, superannuation fund or trust. • The principal: An entity who undertakes the specified arrangement or scheme and principle will also in the participants list in the scheme. • The applicant: Entity applies to class ruling instead of principal, potential participants or participants in the plan. They may be a tax agent acts instead of the participants or principal • The participant: Entity within a particular class enters into arrangement of scheme which are described above.
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April 2020
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