I need help with critiquing the Taxation Ruling's (TR's) application to s8-1 ITAA1997, any relevant cases, the protection that the ruling gives, whether the ruling is correct, and a practical example of how the ruling can be applied to the following Tax Rule:

• TR 95/12 (Chosen Tax Rule)

When critiquing the TR's the students should:

• Apply the law to the circumstances discussed in the ruling and reach a conclusion as to its correctness. This includes providing alternative views if available.
• Correctly cite and discuss relevant legal precedent.
• Discuss what protection the ruling gives to people who follow it.
• Discuss whether the ruling is correct.
• Provide a practical example of how the ruling applies to everyday circumstances.
• Present in a cohesive team environment.
• Have good supporting material to support the presentation.