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Edited version of private advice
Authorisation Number: 1012682567413
Ruling
Subject: Income Tax ~ Exempt entities
Issue 1
Question 1
Is the organisation exempt from income tax including withholding taxes on interest and dividends derived from Australia?
Answer
Yes
This ruling applies for the following period:
01 July 2012 to 30 June 2013
The scheme commences on:
The scheme has commenced
Relevant facts and circumstances
The organisation was established under an Agreement between relevant parties to operate a system and deliver four goals. The organisation ensures that it operates within terms consistent with the role and responsibilities set out in the Agreement.
Relevant legislative provisions
Income Tax Assessment Act Section 4-1.
Detailed reasoning
Section 4-1 of the Income Tax Assessment Act 1997 (ITAA 1997) states that:
4-1 Income tax is payable by each individual and company, and by some other entities.
Note: The actual amount of income tax payable may be nil.
For a list of the entities that must pay income tax, see Division 9, starting at section 9-1.
However, specific Acts and Regulations apply to the organisation. Consequently, the organisation is considered to be exempt from income tax including withholding taxes.