Private ruling: Exempt entities
Date of advice: 25 November 2015
Published: April 2017
Ruling period: 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

Ruling: Q1: Is the Rulee exempt from income tax under section 50-1 of the Income Tax Assessment Act 1997 (ITAA 1997), on the basis that it is an exempt entity under Item 8.2 in the table in section 50-40 of the ITAA 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. The facts of the scheme remain unchanged from what they were in the Commissioner's previous private ruling, authorisation number 1012117027766.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 50-1 and | Income Tax Assessment Act 1997 section 50-40.

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. As there have been no material changes to the facts since the Commissioner's previous ruling, authorisation number 1012117027766, the reasons for decision for that ruling still apply. Consequently the Rulee is considered to be a non-profit society or association established for the purpose of promoting the development of Australian agricultural resources under Item 8.2 in the table in section 50-40 of the ITAA 1997 and is thus exempt from income tax under section 50-1 of the ITAA 1997.