Private ruling: Income Tax ~ Exempt entities
Published: August 2014
Ruling period: 01 July 2012 to 30 June 2013
Date scheme commenced: The scheme has commenced

Ruling: Q1: Is the organisation exempt from income tax including withholding taxes on interest and dividends derived from Australia? | A1: Yes

Relevant facts and circumstances: The organisation was established under an Agreement between relevant parties to operate a system and deliver four goals. The organisation ensures that it operates within terms consistent with the role and responsibilities set out in the Agreement.

Relevant legislative provisions: Income Tax Assessment Act Section 4-1. Detailed reasoning | Section 4-1 of the Income Tax Assessment Act 1997 (ITAA 1997) states that: | 4-1 Income tax is payable by each individual and company, and by some other entities. | Note: The actual amount of income tax payable may be nil. | For a list of the entities that must pay income tax, see Division 9, starting at section 9-1. | However, specific Acts and Regulations apply to the organisation. Consequently, the organisation is considered to be exempt from income tax including withholding taxes.