Private ruling: Income tax exempt - state/territory body
Date of advice: 27 June 2023
Published: 14 August 2023
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XY | Year ended 30 June 20XZ
Date scheme commenced: Date in 20XX

Ruling: Q1: Will income you derive be exempt from income tax under section 24AM of the Income Tax Assessment Act 1936 (ITAA 1936)? | A1: Yes

Relevant facts and circumstances: The ATO issued private rulings to you in prior years notifying that you were exempt from income tax under section 24AM of the ITAA 1936. Private ruling authorisation number XXXXXXXXXXXXX was issued to you on a date in 20XT, advising you were exempt from income tax under section 24AM of the ITAA 1936 for the 20XU, 20XV and 20XW years. You are a private company limited by shares which a State in Australia continues to own. The facts remain the same since Private ruling authorisation number XXXXXXXXXXXXX issued.

Relevant legislative provisions: Income Tax Assessment Act 1936 section 24AM | Income Tax Assessment Act 1936 section 24AN | Income Tax Assessment Act 1936 section 24AO | Income Tax Assessment Act 1936 section 24AT

Reasons for decision: Summary: The facts of the arrangement have not changed. There has been no change to the application of the income tax legislation and ATO view to this arrangement since Private ruling Authorisation number XXXXXXXXXXXXX issued. The reasons for decision remain the same as in Private ruling Authorisation number XXXXXXXXXXXXX.