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Edited version of private advice
Authorisation Number: 1052273609886
Date of advice: 10 July 2024
Ruling
Subject: Income tax exempt status
Question
Is the total ordinary and statutory income of the entity exempt from income tax, in accordance with section 50-1 of the ITAA 1997 as a society, association or club established for the encouragement of a game or sport under item 9.1(c) of the table in section 50-45 of ITAA 1997?
Answer
Yes.
This ruling applies for the following periods:
1 July 2023 to 30 June 2024
1 July 2024 to 30 June 2025
1 July 2025 to 30 June 2026
1 July 2026 to 30 June 2027
1 July 2027 to 30 June 2028
The scheme commenced on:
1 July 2023
Relevant facts and circumstances
The applicant is a sporting organisation.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 50-1
Income Tax Assessment Act 1997 section 50-45
Income Tax Assessment Act 1997 section 50-47
Income Tax Assessment Act 1997 section 50-70
Reasons for decision
The sporting organisation satisfied all requirements to be considered an entity exempt from income tax, in accordance with section 50-1 of the ITAA 1997 as a society, association or club established for the encouragement of a game or sport under item 9.1(c) of the table in section 50-45 of ITAA 1997.