| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1013016680986
Date of advice: 17 May 2016
Ruling
Subject: Income tax - exempt income
Question 1
Is Entity A exempt from income tax under section 50-1 and section 50-30 of the Income Tax Assessment Act 1997?
Answer
Yes
This ruling applies for the following periods:
Year ended 30 June 2016
Year ended 30 June 2017
Year ended 30 June 2018
Year ended 30 June 2019
Year ended 30 June 2020
Year ended 30 June 2021
Year ended 30 June 2022
Year ended 30 June 2023
Year ended 30 June 2024
Year ended 30 June 2025
The scheme commences on:
2015
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
Entity A has provided its constituent documents and details about its establishment and activities.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 50-1 and
Income Tax Assessment Act 1997 section 50-30.
Reasons for decision
While these reasons are not part of the private ruling, we provide them to help you to understand how we reached our decision.
Issue 1
Question 1
Section 50-1 of the ITAA 1997 exempts from income tax the total ordinary and statutory income of an entity covered by section 50-30 of the ITAA 1997.
Based on the information that you have provided we are satisfied that you will meet the requirements for section 50-30 of the ITAA 1997 and that your total ordinary and statutory income will be exempt under section 50-1 of the ITAA.