Private ruling: Income tax exemption
Date of advice: 2 July 2024
Published: 12 August 2024
Ruling period: Year ended 30 June 20XV | Year ended 30 June 20XW | Year ended 30 June 20XX | Year ended 30 June 20XY | Year ended 30 June 20XZ
Date scheme commenced: 20XV

Ruling: Q1: Are you exempt from income tax pursuant to section 50-1 of the Income Tax Assessment Act 1997 (ITAA 1997) as a non-profit society or association established for the purpose of promoting the development of Australian industrial resources under item 8.2(c) of section 50-40 of the ITAA 1997? | A1: Yes.

Relevant facts and circumstances: You are a private company incorporated in Australia and limited by shares. The Commissioner issued private ruling authorisation number XXXXXXXXXXXXX (the previous private ruling) to you on DDMMYYYY, that your income is exempt from income tax for the period to 30 June 20XU, pursuant to section 50-1 of the ITAA 1997 as a non-profit society or association established for the purpose of promoting the development of Australian industrial resources under item 8.2(c) of section 50-40 of the ITAA 1997. There have been no material changes to the facts and circumstances since the previous private ruling was issued. You have provided information about the activities you have undertaken during the past x years.

Relevant legislative provisions: Income Tax Assessment Act 1997 , section 50-1 | Income Tax Assessment Act 1997 , section 50-40 | Income Tax Assessment Act 1997 , section 50-47

Reasons for decision: Summary: Unless otherwise stated, all legislative references are to the Income Tax Assessment Act 1997 . You are exempt from income tax pursuant to section 50-1 as a non-profit society or association established for the purpose of promoting the development of Australian industrial resources under item 8.2(c) of section 50-40. | Detailed Reasoning - Detailed reasoning: In the previous private ruling the Commissioner concluded that your purpose was consistent with the promotion of the development of Australian industrial resources. The activities over the past x years have been consistent with your purpose. As there has been no change to the application of the income tax legislation, case law and ATO view to this arrangement since the previous private ruling, the reasons for decision remain the same as in the previous private ruling. You meet the requirements of item 8.2(c) of the table in section 50-40 and its ordinary and statutory income is exempt from income tax under section 50-1.