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Edited version of private advice
Authorisation Number: 1051808851708
Date of advice: 23 February 2021
Ruling
Subject: Exempt income
Question
Are the recurrent and non-recurrent payments received by you from foundation overseas exempt income in Australia?
Answer
Yes.
The payments you receive from the foundation overseas are exempt income in Australia under subsection 6-20(1) of the Income Tax Assessment Act 1997. These payments are not required to be declared in your Australian tax return.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You are a resident of Australia for taxation purposes.
You were born overseas.
You are in receipt of recurrent and non-recurrent payments from the foundation overseas.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 6-20(1)
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