Private ruling: Extension of previously issued private binding ruling
Published: March 2015
Ruling period: 1 July 20xx to 30 June 20XX
Date scheme commenced: 1 July 20xx

Ruling: Q1: Will X Co Ltd continue to be exempt under section 50-1 of the Income Tax Assessment Act 1997 (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: X Co Ltd (the company) has applied for a ruling to extend the period of ruling previously granted by the Commissioner of Taxation. The company has advised that there have not been any changes to the business and the company remains a self-funded not-for-profit with the objective of improving the quality of construction in Australia. The company further advised that there have not been any changes to the constitution since its application for the 200x extension.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 50-1 | Income Tax Assessment Act 1997 section 50-40 | Income Tax Assessment Act 1936 paragraph 23(h)

Reasons for decision: Summary: On three previous occasions, the Commissioner has issued rulings in which he confirmed that the ordinary and statutory income of the company is exempt from income tax under section 50-1 of the ITAA 1997 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 1997. As the circumstances of the company, namely its business, its objectives or its constitution have not changed, the ruling will be extended for another five years.