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Edited version of private advice
Authorisation Number: 1051608302971
Date of advice: 14 November 2019
Ruling
Subject: Company residency based on where its central management and control is exercised
Question 1
Is Company A a resident of Australia for tax purposes pursuant to subsection 6(1) of the Income Tax Assessment Act 1936 (ITAA 1936)?
Answer
Yes.
Question 2
Is Company A a controlled foreign company (CFC) under section 340 of the ITAA 1936?
Answer
No.
Question 3
Does Division 320 of the Income Tax Assessment Act 1997 apply to Company A?
Answer
No.
Relevant legislative provisions
Income Tax Assessment Act 1997 Division 320
Income Tax Assessment Act 1997 subsection995-1(1)
Income Tax Assessment Act 1936 subsection 6(1)
Income Tax Assessment Act 1936 section 317
Income Tax Assessment Act 1936 subsection 320(1)
Income Tax Assessment Act 1936 subsection 332(1)
Income Tax Assessment Act 1936 subsection 332(2)
Income Tax Assessment Act 1936 subsection 333
Income Tax Assessment Act 1936 subsection 333(1)
Income Tax Assessment Act 1936 section 340
Income Tax Assessment Act 1936 Regulation 2015 Regulation 19 of Part 8
Life Insurance Act 1995 (Cth) section 11
Life Insurance Act 1995 (Cth) section 21
Reasons for decision
The Commissioner has ruled on each of the questions.