Private ruling: Income tax exemption
Published: May 2012
Ruling period: Year ended 30 June 2012 | Year ended 30 June 2013 | Year ended 30 June 2014 | Year ended 30 June 2015

Ruling: Q1: Is the Applicant exempt from income tax pursuant to section 50-1 of the Income Tax Assessment Act 1997 (ITAA 1997) on the basis that it is an entity as described in item 1.7 of the table in section 50-5 of the ITAA 1997 and meets the special conditions as described in section 50-70 of the ITAA 1997? Answer The Applicant is exempt from income tax pursuant to section 50-1 of the ITAA 1997 on the basis that it is an entity as described in item 1.7 of the table in section 50-5 of the ITAA 1997 being a society, association or club established for the encouragement of science and meets the special conditions as described in section 50-70 of the ITAA 1997.

Relevant facts and circumstances: The Applicant is a public company limited by guarantee and incorporated under the Corporations Act 2001. The Applicant has applied for an extension to a private binding ruling it received previously which confirmed it was exempt from income tax pursuant to section 50-1 of the Income Tax Assessment Act 1997 (ITAA 1997) on the basis that it is an entity as described in item 1.7 of the table in section 50-5 of the ITAA 1997 and it met the special conditions as described in section 50-70 of the ITAA 1997. Item 1.7 in the table in section 50-5 of the ITAA 1997 provides that an entity will be exempt from income tax if it is a society, association or club established for the encouragement of science. The Applicant has previously received three private rulings that it is exempt from income tax. The Applicant constitution contains objects which demonstrate its connection with scientific promotion. The Applicant submits that its constitution and the activities it undertakes remain unchanged since the last ruling was issued.

Relevant legislative provisions: Income Tax Assessment Act 1997 50-1 and | Income Tax Assessment Act 1997 50-5 and | Income Tax Assessment Act 1997 50-70

Reasons for decision: Summary: In 2002, 2006 and 2009, the Commissioner of Taxation issued a ruling which confirmed that the ordinary and statutory income of NSV is exempt from income tax under section 50-1 of the ITAA 97 on the basis that it is an organisation as described in item 1.7 of the table in section 50-5 of the ITAA 1997 and meets the special conditions described in section 50-70 of the ITAA 1997. As neither the constitution nor the activities of the Applicant have changed since the previous ruling was considered and issued, the ruling period will be extended for another four years.

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