Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 880.5

    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:

  (a)   the amount is a return on an investment asset under a scheme; and

  (b)   the sovereign entity acquired the investment asset on or before 27   March 2018 under the scheme; and

  (c)   on or before 27   March 2018, the sovereign entity applied for a private ruling in relation to the scheme; and

  (d)   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

  (e)   the private ruling applied during at least part of the period:

  (i)   starting on 27   March 2018; and

  (ii)   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

  (f)   the scheme carried out is not materially different to the scheme specified in the private ruling; and

  (g)   the income year is:

  (i)   unless subparagraph   (ii) applies--the 2025 - 26 income year or an earlier income year; or

  (ii)   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.