Income Tax (Transitional Provisions) Act 1997
An amount of ordinary income or statutory income of a sovereign entity for an income year is not assessable income and is not exempt income if:
(a) the amount is a return on an investment asset under a scheme; and
(b) the sovereign entity acquired the investment asset on or before 27 March 2018 under the scheme; and
(c) on or before 27 March 2018, the sovereign entity applied for a private ruling in relation to the scheme; and
(d) before 1 July 2026, the Commissioner gave the entity a private ruling confirming that income from the investment asset was not subject to income tax, or withholding tax, because of the doctrine of sovereign immunity; and
(e) the private ruling applied during at least part of the period:
(i) starting on 27 March 2018; and
regardless of whether the private ruling started to apply before 27 March 2018, or ceased to apply before 1 July 2026; and
(ii) ending before 1 July 2026;
(f) the scheme carried out is not materially different to the scheme specified in the private ruling; and
(g) the income year is:
(i) unless subparagraph (ii) applies - the 2025-26 income year or an earlier income year; or
(ii) if the last income year to which the private ruling relates is a later income year than the 2025-26 income year - that later income year, or an earlier income year.
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