In relation to the ruling system in Australia which of the following statements is most correct?

 

1. Public rulings issued before 1 July 1992 are legally binding on the Commissioner of Taxation.

 

2. Australian Tax Office Interpretive Decisions are legally and administratively binding on the Commissioner of Taxation.

 

3.Product rulings are binding on the Commissioner of Taxation even if the arrangement is not carried out as proposed.

 

4. Public rulings issued after 1 July 1992 are legally binding on the Commissioner of Taxation.

 

5. Draft public rulings issued after 1 July 1992 are legally binding on the Commissioner of Taxation.