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Edited version of private advice
Authorisation Number: 1012622185060
Ruling
Subject: What is a company for the purposes of the ITAA 1997?
Question 1
Whether an investment fund will meet the requirements of a 'company' under section 995-1 of the ITAA 1997?
Answer
Yes
Relevant facts and circumstances
An investment fund created under certain law in a foreign country, proposes to undertake income producing activities in Australia.
The investment fund will be a non-resident of Australia and is prohibited from offering participation in the fund outside of the foreign country. The investment fund will not have a permanent establishment in Australia and its investors are non-residents of Australia.
The investment fund is exempt from income tax in the foreign country and is treated as a flow through entity.
Relevant legislative provisions
Reasons for decision
The investment fund meets all of the relevant requirements to constitute a 'company' for the purposes of section 995-1 of the ITAA 1997.
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