| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1013130565699
Date of advice: 25 November 2015
Ruling
Subject: Exempt entities
Question 1
Is the Rulee exempt from income tax under section 50-1 of the Income Tax Assessment Act 1997 (ITAA 1997), on the basis that it is an exempt entity under Item 8.2 in the table in section 50-40 of the ITAA 1997?
Answer
Yes.
This ruling applies for the following periods:
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
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.
The facts of the scheme remain unchanged from what they were in the Commissioner's previous private ruling, authorisation number 1012117027766.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 50-1 and
Income Tax Assessment Act 1997 section 50-40.
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.
As there have been no material changes to the facts since the Commissioner's previous ruling, authorisation number 1012117027766, the reasons for decision for that ruling still apply.
Consequently the Rulee is considered to be a non-profit society or association established for the purpose of promoting the development of Australian agricultural resources under Item 8.2 in the table in section 50-40 of the ITAA 1997 and is thus exempt from income tax under section 50-1 of the ITAA 1997.