Income Tax Assessment Act 1997
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Hide history noteSECTION 30-125 Entitlement to endorsement
Endorsement of an entity that is a fund, authority or institution
30-125(1)
An entity is entitled to be endorsed as a *deductible gift recipient if:
(a) the entity has an *ABN; and
(b) the entity is a fund, authority or institution that:
(i) is described (but not by name) in item 1, 2 or 4 of the table in section 30-15 ; and
(ii) is not described by name in Subdivision 30-B if it is described in item 1 of that table; and
(iii) meets the relevant conditions (if any) identified in the column headed " Special conditions " of the item of that table in which it is described; and
(c) the entity meets the requirements of subsection (6), unless:
(i) the entity is established by an Act; and
(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and
(d) in the case of an *ancillary fund:
(i) the fund complies with the rules in the *public ancillary fund guidelines or the *private ancillary fund guidelines (whichever are applicable); and
(ii) all of the trustees of the fund comply with those rules.
Endorsement of an entity for operating a fund, authority etc.
30-125(2)
An entity is entitled to be endorsed as a * deductible gift recipient for the operation of a fund, authority or institution that is described (but not by name) in item 1, 2 or 4 of the table in section 30-15 and is not described by name in Subdivision 30-B if:
(a) the entity has an * ABN; and
(b) the entity:
(i) legally owns the fund; or
(ii) includes the authority or institution; and
(c) the fund, authority or institution meets the relevant conditions (if any) identified in the column headed " Special conditions " of that item; and
(d) the entity meets the requirements of subsection (6), unless:
(i) the entity is established by an Act; and
(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and
(e) the entity meets the requirements of section 30-130 , unless the entity is endorsed as a deductible gift recipient under paragraph 30-120(a) .
Relevant special conditions in table in section 30-15
30-125(3)
To avoid doubt:
(a) a condition requiring the fund, authority or institution to meet the requirements of section 30-17 is not a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section; and
Note:
Section 30-17 requires the entity to be endorsed under this Subdivision as a deductible gift recipient.
(b) in the case of a fund, authority or institution that is described in item 1 of the table in section 30-15 - a condition set out in the relevant table item in Subdivision 30-B , including a condition identified in the column headed " Special conditions - fund, authority or institution " of that item (if any), is a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section.
Note:
Paragraph (c) of the column headed " Special conditions " of item 1 of the table in section 30-15 requires any conditions set out in the relevant table item in Subdivision 30-B to be satisfied.
30-125(4)
(Repealed by No 58 of 2006 )
30-125(4A)
(Repealed by No 58 of 2006 )
30-125(5)
(Repealed by No 58 of 2006 )
Transfer of assets from fund, authority or institution
30-125(6)
A law (outside this Subdivision), a document constituting the entity or rules governing the entity ' s activities must require the entity, at the first occurrence of an event described in subsection (7), to transfer to a fund, authority or institution gifts to which can be deducted under this Division:
(a) any surplus assets of the gift fund (see section 30-130 ); or
(b) if the entity is not required by this section to meet the requirements of section 30-130 - any surplus:
(i) gifts of money or property for the principal purpose of the fund, authority or institution; and
(ii) contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose; and
(iii) money received by the entity because of such gifts or contributions.
Events requiring transfer
30-125(7)
The events are:
(a) the winding up of the fund, authority or institution; and
(b) if the entity is endorsed because of a fund, authority or institution - the revocation of the entity ' s endorsement under this Subdivision relating to the fund, authority or institution.
Note 1:
There are 2 ways an entity can be endorsed because of a fund, authority or institution. An entity can be endorsed either because it is a fund, authority or institution or because it operates a fund, authority or institution.
Note 2:
Section 426-55 in Schedule 1 to the Taxation Administration Act 1953 deals with revocation of endorsement.
Note 3:
The entity is also required to keep appropriate records: see section 382-15 of the Taxation Administration Act 1953 .
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