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Edited version of your written advice
Authorisation Number: 1051195449936
Date of advice: 21 March 2017
Ruling
Subject: Application of the rules in Part X and Division 770 of the ITAA 1936
In order to protect the privacy and commercial-in-confidence components of this private ruling the following summary is provided.
Question 1
Will Entity A be a resident of a listed country pursuant to section 332 of the ITAA 1936?
Answer
No.
Question 2
If the answer to Question 1 is negative, will Entity A be a resident of an unlisted country in accordance with section 333 of the ITAA 1936?
Answer
Yes.
Question 3
If the answer to Question 2 is affirmative, does section 403 of the ITAA 1936 apply to any income, profit or gains derived or made by Entity A from its investment in Entity B to the extent it is not eligible designated concession income?
Answer
Yes.
Question 4
Will the beneficiaries of Trust C be entitled to claim a foreign income tax offset pursuant to section 770-10 of the ITAA 1997 in respect of distributions sourced from Entity A to the extent that those distributions are included in the beneficiaries' assessable income?
Answer
Yes.