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Edited version of private advice
Authorisation Number: 1052376331812
Date of advice: 21 March 2025
Ruling
Subject: Temporary residency
Question 1
Is foreign income attributed to you from Attribution Managed Investment Trusts (AMITs) non assessable non-exempt income?
Answer 1
Yes.
Under section 768-910 of the Income Tax Assessment Act 1997 (ITAA 1997), foreign income from AMITs is considered non-assessable non-exempt income for temporary residents.
Therefore, this income is not subject to Australian tax while the individual is a temporary resident, provided it is derived from a source outside Australia.
Question 2
Are capital gains on non-taxable Australian property attributed to you from AMITs disregarded?
Answer
Yes.
Under section 768-915 of the ITAA 1997, capital gains from AMITs that are identified as non-taxable Australian sourced can be disregarded while the individual is a temporary resident.
This means that such capital gains are not subject to Australian tax during the period of temporary residency, provided the gains would have been disregarded if the individual were a foreign resident.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You are a taxation resident of Australia.
You are a temporary resident of Australia.
You are in Australia on a temporary visa.
You own units in Attribution Managed Investment Trusts.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 768-910
Income Tax Assessment Act 1997 section 768-915