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Edited version of private advice
Authorisation Number: 1052133758759
Date of advice: 27 June 2023
Ruling
Subject: Income tax exempt - state/territory body
Question
Will income you derive be exempt from income tax under section 24AM of the Income Tax Assessment Act 1936 (ITAA 1936)?
Answer
Yes
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ended 30 June 20XY
Year ended 30 June 20XZ
The scheme commences on:
Date in 20XX
Relevant facts and circumstances
The ATO issued private rulings to you in prior years notifying that you were exempt from income tax under section 24AM of the ITAA 1936.
Private ruling authorisation number XXXXXXXXXXXXX was issued to you on a date in 20XT, advising you were exempt from income tax under section 24AM of the ITAA 1936 for the 20XU, 20XV and 20XW years.
You are a private company limited by shares which a State in Australia continues to own.
The facts remain the same since Private ruling authorisation number XXXXXXXXXXXXX issued.
Relevant legislative provisions
Income Tax Assessment Act 1936 section 24AM
Income Tax Assessment Act 1936 section 24AN
Income Tax Assessment Act 1936 section 24AO
Income Tax Assessment Act 1936 section 24AT
Reasons for decision
The facts of the arrangement have not changed.
There has been no change to the application of the income tax legislation and ATO view to this arrangement since Private ruling Authorisation number XXXXXXXXXXXXX issued.
The reasons for decision remain the same as in Private ruling Authorisation number XXXXXXXXXXXXX.