Private ruling: Temporary residency
Date of advice: 21 March 2025
Published: 19 May 2025
Ruling period: Year ended 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Is foreign income attributed to you from Attribution Managed Investment Trusts (AMITs) non assessable non-exempt income? | A1: Yes. Under section 768-910 of the Income Tax Assessment Act 1997 (ITAA 1997), foreign income from AMITs is considered non-assessable non-exempt income for temporary residents. Therefore, this income is not subject to Australian tax while the individual is a temporary resident, provided it is derived from a source outside Australia. | Q2: Are capital gains on non-taxable Australian property attributed to you from AMITs disregarded? | A2: Yes. Under section 768-915 of the ITAA 1997, capital gains from AMITs that are identified as non-taxable Australian sourced can be disregarded while the individual is a temporary resident. This means that such capital gains are not subject to Australian tax during the period of temporary residency, provided the gains would have been disregarded if the individual were a foreign resident.

Relevant facts and circumstances: You are a taxation resident of Australia. You are a temporary resident of Australia. You are in Australia on a temporary visa. You own units in Attribution Managed Investment Trusts.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 768-910 | Income Tax Assessment Act 1997 section 768-915