Private ruling: Income tax - exempt income
Date of advice: 17 May 2016
Published: June 2016
Ruling period: Year ended 30 June 2016 | Year ended 30 June 2017 | Year ended 30 June 2018 | Year ended 30 June 2019 | Year ended 30 June 2020 | Year ended 30 June 2021 | Year ended 30 June 2022 | Year ended 30 June 2023 | Year ended 30 June 2024 | Year ended 30 June 2025
Date scheme commenced: 2015

Ruling: Q1: Is Entity A exempt from income tax under section 50-1 and section 50-30 of the Income Tax Assessment Act 1997 ? | A1: Yes

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. Entity A has provided its constituent documents and details about its establishment and activities.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 50-1 and | Income Tax Assessment Act 1997 section 50-30.

Reasons for decision: Summary: While these reasons are not part of the private ruling, we provide them to help you to understand how we reached our decision. | Detailed Reasoning - Question 1: Section 50-1 of the ITAA 1997 exempts from income tax the total ordinary and statutory income of an entity covered by section 50-30 of the ITAA 1997. Based on the information that you have provided we are satisfied that you will meet the requirements for section 50-30 of the ITAA 1997 and that your total ordinary and statutory income will be exempt under section 50-1 of the ITAA.