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Edited version of your written advice
Authorisation Number: 1012784176085
Ruling
Subject: Extension of previously issued private binding ruling
Question
Will X Co Ltd continue to be exempt under section 50-1 of the Income Tax Assessment Act 1997 (ITAA 1997) as an association established for the purpose of promoting the development of Australian industrial resources pursuant to item 8.2(c) of section 50-40 of the ITAA 1997?
Answer
Yes.
This ruling applies for the following periods:
1 July 20xx to 30 June 20XX
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
X Co Ltd (the company) has applied for a ruling to extend the period of ruling previously granted by the Commissioner of Taxation.
The company has advised that there have not been any changes to the business and the company remains a self-funded not-for-profit with the objective of improving the quality of construction in Australia. The company further advised that there have not been any changes to the constitution since its application for the 200x extension.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 50-1
Income Tax Assessment Act 1997 section 50-40
Income Tax Assessment Act 1936 paragraph 23(h)
Reasons for decision
On three previous occasions, the Commissioner has issued rulings in which he confirmed that the ordinary and statutory income of the company is exempt from income tax under section 50-1 of the ITAA 1997 on the basis that it has been established as an organisation described in item 8.2(c) of the table in section 50-40 of the ITAA 1997.
As the circumstances of the company, namely its business, its objectives or its constitution have not changed, the ruling will be extended for another five years.
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