Private ruling: Exempt income
Date of advice: 23 February 2021
Published: April 2021
Ruling period: Year ended 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are the recurrent and non-recurrent payments received by you from foundation overseas exempt income in Australia? | A1: Yes. The payments you receive from the foundation overseas are exempt income in Australia under subsection 6-20(1) of the Income Tax Assessment Act 1997 . These payments are not required to be declared in your Australian tax return.

Relevant facts and circumstances: You are a resident of Australia for taxation purposes. You were born overseas. You are in receipt of recurrent and non-recurrent payments from the foundation overseas.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subsection 6-20(1)