A private ruling is binding on the Commissioner where it applies to an entity and the entity has relied on the ruling by acting (or omitting to act) in accordance with the private ruling. An entity can stop relying on a private ruling at any time by acting (or omitting to act) in a way that is not in accordance with the private ruling; and can subsequently resume relying on the private ruling by acting accordingly. This is unless the entity is prevented in either case from doing so by a time limit imposed by a tax law.
The Commissioner cannot withdraw a private ruling. However, the Commissioner can make a revised private ruling if the scheme to which the earlier private ruling relates has not begun to be carried out and, if the earlier private ruling relates to an income year or other accounting period, that year or period has not begun.