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Edited version of private advice
Authorisation Number: 1051849831148
Date of advice: 10 June 2021
Ruling
Subject: Sovereign immunity
In order to protect the privacy and commercial in-confidence components of this private binding ruling the following summary is provided:
Question 1
Is the ordinary and statutory income (including net capital gains) derived by Company X from its interests in the Test Entities not assessable and not exempt income under section 880-105 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
Yes
Question 2
Is the ordinary and statutory income derived by Company X as a return on investments that were acquired on or before XX Month 20XX not assessable and not exempt income due to the operation of section 880-5 of the Income Tax (Transitional Provisions) Act 1997 (IT(TP)A 1997)?
Answer
Yes