Private ruling: Withholding tax exemption
Published: March 2015
Ruling period: 1 July 201x to 30 June 201y
Date scheme commenced: 1 July 201x

Ruling: Q1: Is the Fund a 'trust' for Australian income tax purposes? | A1: Yes | Q2: Where the Fund is a 'trust' for Australian income tax purposes, would the participants in the Fund be deemed to derive any Australian sourced interest income included in the Fund's distributions (pursuant to subsection 128A(3) of the Income Tax Assessment Act 1936 (ITAA 1936))? | A2: Yes | Q3: Assuming that each participant in the Fund that is a foreign pension fund: • is exempt from income tax in their country of residence; and • satisfies the requirements to be a superannuation fund for foreign residents (as defined in section 118-520 of the Income Tax Assessment Act 1997 (ITAA 1997); would any Australian sourced interest income included in the distributions from Fund to the foreign pension fund be exempt from interest withholding tax under paragraph 128A(3)(jb) of the ITAA 1936? | A3: Yes

Relevant facts and circumstances: The taxpayer applied for a ruling on the application of paragraph 128B(3)(jb) of the Income Tax Assessment Act 1936 (ITAA 1936). The Fund is a pooled investment vehicle established in a civil law country in Europe.

Relevant legislative provisions: subsection 128A(3) of the ITAA 1936 | paragraph 128B(3)(jb) of the ITAA 1936