| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1051408461768
NOTICE
This edited version has been found to be misleading or incorrect. It does not represent the ATO’s view of the relevant law.
This notice must not be taken to imply anything about:
● the binding nature of the private advice issued to the applicant
● the correctness of other edited versions.
Edited versions cannot be relied upon as precedent or used for determining how the ATO will apply the law in other cases.
Date of advice: 7 August 2018
Ruling
Subject: Division 855 of the Income Tax Assessment Act 1997 (ITAA 1997) and wind farm assets
In order to protect the privacy and commercial in-confidence components of this private binding ruling the following summary is provided:
The Commissioner has ruled on the specific question.
Question
For the purposes of applying the principal asset test in section 855-30 of the ITAA 1997 to the membership interest held by ForCo in AusCo, are the Wind Turbine Generators (WTGs) held by AusCo’s wholly-owned subsidiary AusSubCo taxable Australian real property under section 855-20 of the ITAA 1997?
Answer
No.