Private ruling: Sovereign immunity and investment gains
Date of advice: 9 September 2025
Published: 3 November 2025
Ruling period: 1 July 20XX to 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Does Entity X meet the definition of a 'sovereign entity' under section 880-15 of the Income Tax Assessment Act 1997 ( ITAA 1997 )? | A1: Yes. | Q2: For Entity X's investments in Australian entities that have all the characteristics as set out in Fact 23 of this Ruling (with each of these entities to be referred to in the Ruling as an 'Eligible Entity'), is an amount of ordinary or statutory income that is a return on the interest that the Entity X holds in an Eligible Entity not assessable and not exempt income under subsection 880-105(1) of the ITAA 1997? | A2: Yes. | Q3: Will any capital gain or capital loss made by Entity X with respect to its interest in an Eligible Entity be disregarded under sections 880-115 and 880-120 of the ITAA 1997 respectively? | A3: Yes. | Q4: Does paragraph 128B(3)(n) of the Income Tax Assessment Act 1936 ( ITAA 1936 ) apply to exclude Entity X from liability to withholding tax on income from an Eligible Entity that is non-assessable non-exempt income due to the operation of Division 880 of the ITAA 1997? | A4: Yes. | Q5: Does subsection 840-805(9) of the ITAA 1997 apply to exclude Entity X from liability to withholding tax on income from an Eligible Entity that is non-assessable non-exempt income due to the operation of Division 880 of the ITAA 1997? | A5: Yes.

Relevant facts and circumstances: Entity A 1. Entity A was created by Government legislation to perform the functions delegated to it by the Finance Minister (the Minister ) representing the Government of Country X (the Government ). 2. All Government revenue forms one Central Fund that shall be appropriated for purposes determined and imposed by law. 3. Entity A manages and services the Government's national debt. 4. Entity A is a body corporate with perpetual succession. 5. Entity A is supervised by the Government via the Minister. 6. Entity A is the Government's investment authority and is responsible for the management, control and administration of the Entity X and other Government funds. Entity X 7. Entity X came into operation under legislation. 8. Entity X is not a legal entity and is essentially a special purpose account/a separate allocation of the Government's funds, and the Government retains the beneficial ownership of the assets. 9. The purpose of Entity X is to support Government expenditure. 10. Ownership of the Entity X is vested in the Minister. 11.Entity A is responsible for the management, control and administration of Entity X. 12. Entity A is acting in a managing capacity and is not the beneficial owner of the assets. 13. Entity A shall hold or invest the assets of Entity X on a commercial basis for the benefit of Entity X, to seek to secure the optimal total financial return, as to both capital and income. 14. Entity X is funded by the Government funds. 15. All income, capital and other benefits received in respect of holdings or investments of Entity X shall be paid into Entity X for reinvestment. 16. All returns received in respect of its investments remain assets of the Government. 17. Neither Entity A nor Entity X are partnerships. 18. Entity A and Entity X are not residents of Australia for Australian income tax purposes. 19. Entity A is exempt from corporation and capital gains taxes in County X. 20. Neither Entity A nor Entity X are a resident trust estate for the purposes of Division 6 of Part III of the ITAA 1936. 21. Neither Entity A nor Entity X are in the business of trading financial assets or liabilities with the intent of deriving profits in a commercial manner. Australian investments 22. Entity A currently holds no investments in Australia on Entity X's behalf. 23. Entity X's prospective investments in Australia will include investments in Australian companies, Australian Managed Investments ( MITs ) and Bonds that have all of the following characteristics satisfied (making the entity an 'Eligible Entity' for the purposes of this Ruling: (a) The Eligible Entity, in which Entity X invests is listed on the Australian Securities Exchange (ASX) (b) Entity X holds an interest in the Eligible Entity that is either a membership interest, non-share equity interest or debt interest in the entity (c) The Eligible Entity, at the income time, satisfies the requirements of paragraph 880-105(1)(c) of the ITAA 1997 (d) Entity X and all members of its sovereign entity group hold collectively less than 10% of the total participation interests in the Eligible Entity in the circumstances detailed in paragraph 880-105(4)(b) of the ITAA 1997 (e) Neither Entity X, nor any members of its sovereign entity group, has any involvement in the day to day management of the Eligible Entity (f) Neither Entity X, nor any member of its sovereign entity group, has the right to appoint a director to the Board of Directors of the Eligible Entity (g) Neither Entity X, nor any members of its sovereign entity group, has any right to representation on any investor representative or advisory committee (or similar) of the Eligible Entity (h) Neither Entity X, nor any members of its sovereign entity group, has the ability to direct or influence the operation of the Eligible Entity outside of the ordinary rights conferred by the interest held (i) Entity X only holds rights to vote in proportion to its interest in the Eligible Entity and does not have any veto rights in relation to the Eligible Entity (j) Entity X's interests in the Eligible Entity, including when combined with the other interests held within its sovereign entity group, does not provide it with an entitlement to either directly or indirectly determine the identity of any person who makes decisions that comprise the control and direction of the Eligible Entity's operations, and (k) No person involved in the control and direction of the Eligible Entity's operations is accustomed or obliged to act in accordance with the directions, instructions or wishes of Entity X or members of the Entity X's sovereign entity group.

Relevant legislative provisions: Income Tax Assessment Act 1997 Division 880 | Income Tax Assessment Act 1997 Section 880-15 | Income Tax Assessment Act 1997 Subsection 880-105(1) | Income Tax Assessment Act 1997 Section 880-115 | Income Tax Assessment Act 1997 Section 880-120 | Income Tax Assessment Act 1936 Paragraph 128B(3)(n) | Income Tax Assessment Act 1997 Subsection 840-805(9)

Reasons for decision: Detailed Reasoning - Entity X is a covered sovereign entity: Section 880-125 states: A *sovereign entity is covered by this section if it satisfies all of the following requirements: (a) the entity is funded solely by public monies; (b) all returns on the entity's investments are public monies; (c) the entity is not a partnership; (d) the entity is not any of the following: (i) a *public non-financial entity; (ii) a *public financial entity (other than a public financial entity that only carries on central banking activities). These conditions are considered below. | Detailed Reasoning - Entity X is a sovereign entity: For an entity to be covered by section 880-125 of the ITAA 1997, it must be a sovereign entity. Section 880-15 of the ITAA 1997 defines a sovereign entity to be any of the following: (a) a body politic of a foreign country, or a part of a foreign country; (b) a *foreign government agency; (c) an entity: (i) in which an entity covered by paragraph (a) or (b) holds a *total participation interest of 100%; and (ii) that is not an Australian resident; and (iii) that is not a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 . A 'foreign government agency' is defined in subsection 995-1(1) of the ITAA 1997 as: (a) the government of a foreign country or of part of a foreign country; or (b) an authority of the government of a foreign country; or (c) an authority of the government of part of a foreign country. Section 960-180 of the ITAA 1997 provides that an entity's total participation interest in another entity is the sum of: (a) the entity's direct participation interest in the other entity at that time; and (b) the entity's indirect participation interest in the other entity at that time. Country X is a foreign country. The Government constitutes a body politic of a foreign country. Entity A is a body corporate created by Government legislation and is the Government's investment authority. It is considered that Entity A: • is the investment authority of a foreign country • is supervised by the Government via the Minister • was established by the Government • one of its many objectives is managing the investment of Entity X, and • is not an Australian resident or a resident trust estate. Entity X was established under legislation and is treated as a fund of the State's accounts, without its own legal entity. Entity X's purpose is to support Government expenditure. Entity A controls and manages Entity X. The Minister owns Entity X. Entity X is owned by the Government (via the Minister), is not an Australian resident, nor a resident trust estate for the purposes of Division 6 of Part III of the ITAA 1936. Entity X therefore meets the definition of 'sovereign entity' in accordance with paragraph 880-15(c) of the ITAA 1997. | Detailed Reasoning - Entity X is funded solely by public monies: The phrase 'public monies' is not defined and as such takes its ordinary meaning. In the context of Division 880, this phrase essentially means monies raised by a foreign government (or part of a foreign government) for a public purpose which form part of the foreign government's (or part of the foreign government's) equivalent to Australia's Consolidated Revenue Fund ( Roy Morgan Research Pty Ltd v FC of T & Anor [2011] HCA 35). This would ordinarily include general tax revenue, proceeds from the issue of government bonds, the proceeds of privatisations etc. Entity X is funded by Government funds. All investments made by Entity X are funded from assets which belong to the Government. As such, Entity X is funded solely by public monies. | Detailed Reasoning - All returns on Entity X's investments are public monies: Entity A manages and administers the Government's investments. All income, capital and other benefits received in respect of holdings or investments of Entity X shall be paid into Entity X for reinvestment. All returns received in respect of its investments remain assets of the Government. On this basis, all assets managed by Entity X always remain assets of the Government. Therefore, all returns on Entity X's investments are public monies. | Detailed Reasoning - Entity X is not a partnership: Entity X is not a partnership. As such, it passes this condition. | Detailed Reasoning - Entity X is not a public non-financial or financial entity: Subsection 880-130(1) of the ITAA 1997 defines the term public non-financial entity: An entity is a public non-financial entity if its principal activity is either or both of the following: (a) producing or trading non-financial goods; (b) providing services that are not financial services. Subsection 880-130(2) of the ITAA 1997 defines the term public financial entity: An entity is a public financial entity if any of the following requirements are satisfied: (a) it trades in financial assets and liabilities; (b) it operates commercially in the financial markets; (c) its principal activities include providing any of the following financial services: (i) financial intermediary services, including deposit-taking and insurance services; (ii) financial auxiliary services, including brokerage, foreign exchange and investment management services; (iii) capital financial institution services, including financial services in relation to assets or liabilities that are not available on open financial markets. | Detailed Reasoning - Is Entity X a public non-financial entity?: Law Companion Ruling 2020/3 The superannuation fund for foreign residents withholding tax exemption and sovereign immunity (LCR 2020/3) provides that a public non-financial entity is determined by: 76. Whether an entity is producing or trading non-financial goods and/or providing services that are not financial services is a question of fact... As part of its general delegated powers, Entity A manages and services the Government's national debt. Entity X is a sovereign wealth fund used for long-term savings. Entity A and Entity X do not produce or trade in non-financial goods or provide non-financial services. As such, Entity A and Entity X are not public non-financial entities as defined in subsection 880-130(1). | Detailed Reasoning - Is Entity X a public financial entity?: Entity X was established to be a sovereign wealth fund so the Government can provide for the Government's future welfare. Monies and income received by Entity X via Entity A are returned to the Government for this purpose. A genuine sovereign wealth fund like the Entity X does not trade in financial assets and liabilities but rather to benefit the obligations owed to a foreign government. Whether Entity X operates commercially in the financial market requires an examination of its principal purpose. Entity A manages the Government's investments (being Entity X) it does not act as a business or in a commercial manner when acting on behalf of the Government. As a sovereign wealth fund, Entity X is not a public financial entity that charges an economically significant price for its principal activities. Entity A also does not charge an economically significant price for investing Entity X. Based on the circumstances, the Commissioner accepts that Entity A nor Entity X is either a public non-financial entity or public financial entity under subsection 880-130(2) of the ITAA 1997, being the Government and not engaging in the relevant activities outlined in subsection 880-130(1) or paragraph 880-130(2) of the ITAA 1997. | Detailed Reasoning - Conclusion: As Entity X satisfies each of the requirements in paragraphs 880-125(a) through (d) of the ITAA 1997 it is considered a sovereign entity that is covered by section 880-125 of the ITAA 1997 for the purposes of paragraph 880-105(1)(a) of the ITAA 1997. | Detailed Reasoning - Question 2: For Entity X's investments in Australian entities that have all the characteristics as set out in Fact 23 of this Ruling (with each of these entities to be referred to in the Ruling as an 'Eligible Entity'), is an amount of ordinary or statutory income that is a return on the interest that Entity X holds in an Eligible Entity not assessable and not exempt income under subsection 880-105(1) of the ITAA 1997? | Summary: The ordinary and statutory income derived by Entity X from its interests held in each Eligible Entity is not assessable and not exempt income due to the operation of section 880-105 of the ITAA 1997. | Detailed Reasoning - Detailed reasoning: Section 880-105 of the ITAA 1997 provides that amounts of ordinary and statutory income derived by a sovereign entity are not assessable and not exempt income if certain conditions are met. The conditions are listed in subsection 880-105(1) of the ITAA 1997: (a) the sovereign entity is covered by section 880-125; and (b) the amount is a return on any of the following kinds of interest that the sovereign entity holds in another entity (the test entity ): (i) a *membership interest; (ii) a *debt interest; (iii) a *non-share equity interest; and (c) the test entity is: (i) a company that is an Australian resident at the time (the income time ) when the amount becomes ordinary or statutory income of the sovereign entity; or (ii) a *managed investment trust in relation to the income year in which the income time occurs; and (d) the *sovereign entity group of which the sovereign entity is a member satisfies the portfolio interest test in subsection (4) in relation to the test entity: (i) at the income time; and (ii) throughout any 12 month period that began no earlier than 24 months before that time and ended no later than that time; and (e) the sovereign entity group of which the sovereign entity is a member does not have influence of a kind described in subsection (6) in relation to the test entity at the income time. These conditions are considered below. Question 1 above considered whether Entity X is a sovereign entity covered by section 880-125 of the ITAA 1997. | Detailed Reasoning - Entity X's return is received on a relevant interest in an Eligible Entity: For an amount of ordinary income or statutory income of a sovereign entity to satisfy paragraph 880-105(1)(b) of the ITAA 1997, it must be a 'return on' a membership interest, debt interest or non-share equity interest held by the sovereign entity in the test entities. As detailed in paragraph 4.37 of the Explanatory Memorandum to the Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 ('the EM'), a 'return on' a membership interest for the purposes of paragraph 880-105(1)(b) of the ITAA 1997 will include: 1. dividends - including non-share dividends and dividends that pass through a managed investment trust (MIT) 2. interest - including interest that passes through a MIT 3. fund payments made by a MIT (other than fund payments that are attributable to non-concessional MIT income), and 4. revenue gains made on the disposal of an interest in the Test Entity - including revenue gains that pass through a MIT. Entity X is required to hold a membership interest, debt interest and/or non-share equity interest in an Eligible Entity and earn returns in the form of dividends, interest and/or fund payments to satisfy the requirements of paragraph 880-105(1)(b) of the ITAA 1997. | Detailed Reasoning - Entity X's income is received from Australian resident companies or managed investment trusts: For an amount of ordinary income or statutory income of a sovereign entity to satisfy paragraph 880-105(1)(c) of the ITAA 1997, it must be received from an entity that is either: (i) a company that is an Australian resident at the time (the income time ) when the amount becomes ordinary or statutory income of the sovereign entity; or (ii) a *managed investment trust in relation to the income year in which the income time occurs. An Eligible Entity must be an Australian resident company or a MIT at the relevant time for Entity X to receive income that satisfies the requirements of paragraph 880-105(1)(c) of the ITAA 1997. | Detailed Reasoning - Entity X sovereign entity group satisfies the portfolio interest test: For an amount of ordinary income or statutory income of a sovereign entity to satisfy paragraph 880-105(1)(d) of the ITAA 1997, the sovereign entity and the sovereign entity group to which it belongs must satisfy the portfolio interest test in relation to the test entity/ies at both the income time and throughout any 12 month period that began no earlier than 24 months before that time and ended no later than that time. The portfolio interest test is outlined in subsection 880-105(4) of the ITAA 1997, which states: A *sovereign entity group satisfies the portfolio interest test in this subsection in relation to the test entity at a time if, at that time, the sum of the *total participation interests that each *member of the group holds in the test entity: (a) is less than 10%; and (b) would be less than 10% if, in working out the *direct participation interest that any entity holds in a company: (i) an *equity holder were treated as a shareholder; and (ii) the total amount contributed to the company in respect of *non-share equity interests were included in the total paid-up share capital of the company. Section 880-20 of the ITAA 1997 provides the definition of sovereign entity group. Broadly, sovereign entities of the same foreign government will be members of the same sovereign entity group and sovereign entities of the same part of a foreign government will be members of the same sovereign entity group. Entity X's sovereign entity group consists of all entities that are wholly owned by the Government. At all relevant times (as required by paragraph 880-105(1)(d)) of the ITAA 1997, Entity X, and its sovereign entity group collectively, must hold less than 10% of the total participation interests in each Eligible Entity. In addition, Entity X, and its sovereign entity group collectively, must hold less than 10% of the total participation interests in each Eligible Entity in the circumstances detailed in paragraph 880-105(4)(b) of the ITAA 1997 to satisfy the portfolio test. | Detailed Reasoning - Entity X's sovereign entity group does not have influence of a kind described in subsection (6): For an amount of ordinary income or statutory income of a sovereign entity to satisfy paragraph 880-105(1)(e) of the ITAA 1997, at the income time the sovereign entity group to which the sovereign entity belongs must not have influence over the test entity of a kind described in subsection 880-105(6) of the ITAA 1997. Subsection 880-105(6) of the ITAA 1997 states: A *sovereign entity group has influence of a kind described in this subsection in relation to the test entity at a time if any of the following requirements are satisfied at that time: (a) a *member of the group: (i) is directly or indirectly able to determine; or (ii) in acting in concert with others, is directly or indirectly able to determine; the identity of at least one of the persons who, individually or together with others, make (or might reasonably be expected to make) the decisions that comprise the control and direction of the test entity's operations; (c) at least one of those persons is accustomed or obliged to act, or might reasonably be expected to act, in accordance with the directions, instructions or wishes of a member of the group (whether those directions, instructions or wishes are expressed directly or indirectly, or through the member acting in concert with others). As such, there are two distinct sub-tests within the influence test. Sub-test 1 of the influence test, as contained in paragraph 880-105(6)(a) of the ITAA 1997, assesses whether the sovereign entity group is able to determine the identity of at least one of the persons who, individually or together with others, makes or is reasonably expected to make, decisions comprising the control and direction of the test entity's operations. This includes situations where the sovereign entity group is able to act in concert with others to determine the identity of a relevant decision-maker in the test entity. Sub-test 1 also extends to situations where the sovereign entity group, in its own right, holds the ability to approve or veto decisions which go to the control or direction of the test entity. Entity X's interest in an Eligible Entity must not provide it with an entitlement to either directly or indirectly determine the identity of any person who make decisions that comprise the control and direction of the Eligible Entity's operations. Furthermore, Entity X's interest, when combined with the other interests held within its sovereign entity group, must not provide an entitlement to either directly or indirectly determine the identity of any person who makes decisions that comprise the control and direction of the Eligible Entity's operations. Sub-test 2 of the influence test, as contained in paragraph 880-105(6)(b) of the ITAA 1997, assesses whether at least one of the relevant decision-making persons of the test entity is accustomed or obliged to act, or might reasonably be expected to act, in accordance with the directions, instructions or wishes of the sovereign entity group. No person involved in the control and direction of the Eligible Entity's operations must be accustomed or obliged to act in accordance with the directions, instructions or wishes of Entity X or members of Entity X's sovereign entity group. As outlined above, Entity X's sovereign entity group must not have influence of a kind described in subsection 880-105(6) of the ITAA 1997 to satisfy the requirements of paragraph 880-105(1)(f) of the ITAA 1997. | Detailed Reasoning - Conclusion: As all of the conditions listed in subsection 880-105(1) of the ITAA 1997 above will be satisfied, subsection 880-105(1) of the ITAA 1997 will apply to the effect that an amount of ordinary or statutory income derived by Entity X from its investments in an Eligible Entity is not assessable and not exempt income. | Detailed Reasoning - Question 3: Will any capital gain or capital loss made by Entity X with respect to its interest in an Eligible Entity be disregarded under sections 880-115 and 880-120 of the ITAA 1997 respectively? | Summary: Entity X may disregard any capital gain or loss made in respect of its interests in an Eligible Entity under sections 880-115 and 880-120 of the ITAA 1997. | Detailed Reasoning - Detailed reasoning: Section 880-115 of the ITAA 1997 provides that a sovereign entity disregards a capital gain from a CGT event that happens in relation to a CGT asset if: (a) the sovereign entity is covered by section 880-125; and (b) the CGT asset is a membership interest, non-share equity interest or debt interest in another entity; and (c) the requirements in paragraphs 880-105(1)(c), (d) and (e) would be satisfied, on the assumptions that: (i) the capital gain were an amount of ordinary income or statutory income; and (ii) the amount mentioned in subparagraph (i) became ordinary income or statutory income of the sovereign entity immediately before the time the CGT event happened; and (iii) references in those paragraphs to the test entity were references to the other entity mentioned in paragraph (b) of this section. Section 880-120 of the ITAA 1997 provides that a sovereign entity disregards a capital loss from a CGT event if, on the assumption that the loss was a capital gain, the capital gain would be disregarded because of section 880-115 of the ITAA 1997. As established in Questions 1 and 2, Entity X: (a) is covered by section 880-125 of the ITAA 1997 (b) will hold membership interests or debt interests in an Eligible Entity, and (c) will satisfy the requirements in paragraphs 880-105(1)(c), (d) and (e) of the ITAA 1997 in relation to ordinary or statutory income that they will derive from an Eligible Entity. | Detailed Reasoning - Conclusion: Therefore, Entity X satisfies the requirements of section 880-115 of the ITAA 1997. Accordingly, any capital gains or loss derived by Entity X in respect of its interests in an Eligible Entity that satisfy all the characteristics listed in Fact 23 will be disregarded. | Detailed Reasoning - Question 4: Does paragraph 128B(3)(n) of the ITAA 1936 apply to exclude Entity X from liability to withholding tax on income from an Eligible Entity that is non-assessable non-exempt income due to the operation of Division 880 of the ITAA 1997? | Summary: Paragraph 128B(3)(n) of the ITAA 1936 applies to exclude Entity X from liability to withholding tax on income from an Eligible Entity that is non-assessable non-exempt income due to the operation of Division 880 of the ITAA 1997. | Detailed Reasoning - Detailed reasoning: Section 128B of the ITAA 1936 imposes liability to withholding tax on income derived by a non-resident that consists of dividend income (subsection 128B(1) of the ITAA 1936), interest income (subsection 128B(2) of the ITAA 1936) as well as other income prescribed in that section. Subsection 128B(3) of the ITAA 1936 notes that section 128B of the ITAA 1936 will not apply to prescribed categories of income. Relevantly, paragraph 128B(3)(n) of the ITAA 1936 states that this includes income that is non-assessable non-exempt income because of Division 880 or Division 880 of the Income Tax (Transitional Provisions) Act 1997 . Section 6-23 of the ITAA 1997 provides that an amount of ordinary income or statutory income is non-assessable non-exempt income if a provision of the ITAA 1997 or of another Commonwealth law states that it is not assessable income and is not exempt income. As established in Question 2, the ordinary and statutory income that is a return on the interest that Entity X holds in an Eligible Entity is not assessable income and is not exempt income due to the operation of Division 880 of the ITAA 1997. | Detailed Reasoning - Conclusion: Therefore, where Division 880 of the ITAA 1997 applies to income of Entity X from its investments in an Eligible Entity that satisfy all the characteristics listed in Fact 23 of this Ruling, the exclusion from liability to withholding tax under paragraph 128B(3)(n) of the ITAA 1936 will apply. | Detailed Reasoning - Question 5: Does subsection 840-805(9) of the ITAA 1997 apply to exclude Entity X from liability to withholding tax on income from an Eligible Entity that is non-assessable non-exempt income due to the operation of Division 880 of the ITAA 1997? | Summary: Subsection 840-805(9) applies to exclude Entity X from liability to withholding tax on income from an Eligible Entity that is non-assessable non-exempt income due to the operation of Division 880 of the ITAA 1997. | Detailed Reasoning - Detailed reasoning: Subsection 840-805(1) imposes a liability for MIT withholding tax on amounts paid in accordance with subsections 840-805(2), (3) and (4). Subsection 840-805(9) of the ITAA 1997 provides an exclusion from MIT withholding tax on income that is non-assessable non-exempt income because of Division 880 of the ITAA 1997 or Division 880 of the Income Tax (Transitional Provisions) Act 1997. Section 6-23 of the ITAA 1997 provides that an amount of ordinary income or statutory income is non-assessable non-exempt income if a provision of the ITAA 1997 or of another Commonwealth law states that it is not assessable income and is not exempt income. As stated in Question 2, an amount of ordinary or statutory income that is a return on the interest that Entity X holds in an Eligible Entity is not assessable income and is not exempt income due to the operation of Division 880 of the ITAA 1997. | Detailed Reasoning - Conclusion: Therefore, where Division 880 of the ITAA 1997 applies to income of Entity X from its investments in an Eligible Entity that satisfy all the characteristics listed in Fact 23 of this Ruling, the exclusion from liability to withholding tax under subsection 840-805(9) of the ITAA 1997 will apply.