Certain income of sovereign entity in respect of a scheme is non‑assessable non‑exempt income if covered by a private ruling
880-5 Certain income of sovereign entity in respect of a scheme is non‑assessable non‑exempt income if covered by a private ruling
An amount of ordinary income or statutory income of a sovereign entity for an income year is not assessable income and is not exempt income if:
the amount is a return on an investment asset under a scheme; and
the sovereign entity acquired the investment asset on or before 27 March 2018 under the scheme; and
on or before 27 March 2018, the sovereign entity applied for a private ruling in relation to the scheme; and
before 1 July 2026, the Commissioner gave the entity a private ruling confirming that income from the investment asset was not subject to income tax, or withholding tax, because of the doctrine of sovereign immunity; and
the private ruling applied during at least part of the period:
starting on 27 March 2018; and
ending before 1 July 2026;
regardless of whether the private ruling started to apply before 27 March 2018, or ceased to apply before 1 July 2026; and
the scheme carried out is not materially different to the scheme specified in the private ruling; and
the income year is:
unless subparagraph (ii) applies—the 2025‑26 income year or an earlier income year; or
if the last income year to which the private ruling relates is a later income year than the 2025‑26 income year—that later income year, or an earlier income year.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.