Private ruling: Definition of a company for the purposes of section 995-1 of the ITAA 1997
Date of advice: 27 February 2025
Published: 7 April 2025
Ruling period: 1 July 20XX to 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will ForeignCo be treated as a company for the purposes of section 995-1 of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: Yes.

Relevant facts and circumstances: ForeignCo was created under a foreign law and undertakes income producing activities in Australia. ForeignCo is a non-resident of Australia and is prohibited from offering participation in the fund outside of the foreign country. ForeignCo will not have a permanent establishment in Australia and its investors are non-residents of Australia. ForeignCo is treated as an opaque entity that is governed by a non-transparent taxation regime for the foreign country's tax purposes.


Reasons for decision: Summary: ForeignCo meets all the relevant requirements to constitute a 'company' for the purposes of section 995-1 of the ITAA 1997.