Private ruling: Withholding tax exemption
Published: August 2017
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 or dividend income included in the fund's return on investments pursuant to subsection 128A(3) of the Income Tax Assessment Act 1936 (ITAA 1936)? | A2: Yes | Q3: Subject to the response to question 2 above, where a participant in the fund is a foreign pension fund would any Australian source interest and dividend income included in the distributions from the fund to the foreign pension fund be exempt from dividend and interest withholding tax under paragraph 128B(3)(jb) ITAA 1936 provided: • Such income is exempt from income tax in the foreign pension fund's country of residence; and • The foreign pension fund 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)). | 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).

Relevant legislative provisions: Income Tax Assessment Act 1936 subsection 128A(3) and | Income Tax Assessment Act 1936 paragraph 128B(3)(jb).