Private ruling: Income tax exemption
Published: December 2011
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 Company exempt from income tax under section 50-1 of the ITAA 1997 as an association established for the purpose of promoting the development of Australian industrial resources pursuant to item 8.2(c) of section 50-40 of the ITAA 1997? | A1: Yes

Relevant facts and circumstances: The Company has applied for a ruling to extend the period of a ruling previously granted by the Commissioner of Taxation. The Company has advised that the facts presented in support of the previous application have not changed: § the constitution is the same used in the 2009 application; and § there have been no changes to the business.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 50-40; | Income Tax Assessment Act 1936 Paragraph 23(h).

Reasons for decision: Summary: In 2005 and 2009, the Commissioner issued a ruling in which it confirmed that the ordinary and statutory income of the Company is exempt from income tax under section 50-1 of the Income Tax Assessment Act 1997 (ITAA 97) on the basis that it has been established as an organisation described in item 8.2(c) of the table in section 50-40 of the ITAA 97. As the circumstances of the Company have not changed, the ruling will be extended for another four years.

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