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Ruling
Subject: Income tax exemption
Question 1
Is the Company exempt from income tax under section 50-1 of the 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:
Year ended 30 June 2012
Year ended 30 June 2013
Year ended 30 June 2014
Year ended 30 June 2015
Relevant facts and circumstances
The Company has applied for a ruling to extend the period of a ruling previously granted by the Commissioner of Taxation.
The Company has advised that the facts presented in support of the previous application have not changed:
§ the constitution is the same used in the 2009 application; and
§ there have been no changes to the business.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 50-40;
Income Tax Assessment Act 1936 Paragraph 23(h).
Reasons for decision
In 2005 and 2009, the Commissioner issued a ruling in which it confirmed that the ordinary and statutory income of the Company is exempt from income tax under section 50-1 of the Income Tax Assessment Act 1997 (ITAA 97) 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 97.
As the circumstances of the Company have not changed, the ruling will be extended for another four years.