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Edited version of private advice
Authorisation Number: 1052365366118
Date of advice: 27 February 2025
Ruling
Subject: Definition of a company for the purposes of section 995-1 of the ITAA 1997
Question 1
Will ForeignCo be treated as a company for the purposes of section 995-1 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer 1
Yes.
This ruling applies for the following periods:
1 July 20XX to 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
ForeignCo was created under a foreign law and undertakes income producing activities in Australia.
ForeignCo is a non-resident of Australia and is prohibited from offering participation in the fund outside of the foreign country. ForeignCo will not have a permanent establishment in Australia and its investors are non-residents of Australia.
ForeignCo is treated as an opaque entity that is governed by a non-transparent taxation regime for the foreign country's tax purposes.
Reasons for decision
ForeignCo meets all the relevant requirements to constitute a 'company' for the purposes of section 995-1 of the ITAA 1997.
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