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Edited version of private advice
Authorisation Number: 1051657850020
Date of advice: 09 April 2020
Ruling
Subject: Sovereign immunity
Question 1
Will Foreign Co be immune from income tax and withholding tax on income derived from its investment in the Test Entities under the common law doctrine of sovereign immunity for the period xx MMMM 20xx to 30 June 20XX?
Answer
Yes.
Question 2
Is the ordinary and statutory income derived by Foreign Co from the Test Entities not assessable and not exempt income under section 880-105 of the ITAA 1997 for the period 1 July 20XX to xx MMMM 20xx?
Answer
Yes.
Question 3
Is any loss incurred by Foreign Co in respect of interests in the Test Entities not deductible under section 880-110 of the ITAA 1997 for the period 1 July 20XX to xx MMMM 20xx?
Answer
Yes.
Question 4
Is any capital gain or capital loss made by Foreign Co with respect to its investments in the Test Entities disregarded under sections 880-115 and 880-120 of the ITAA 1997 respectively for the period 1 July 20XX to xx MMMM 20xx?
Answer
Yes.
This ruling applies for the following period:
xx MMMM 20xx to xx MMMM 20xx
The scheme commences on:
xx MMMM 20xx