Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

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History

Pt 2-15 (heading) substituted by No 66 of 2003.

Pt 2-15 inserted by No 121 of 1997.

Division 50 - Exempt entities  

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Div 50 inserted by No 121 of 1997.

Subdivision 50-A - Various exempt entities  

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SECTION 50-25   Government  

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Government
Item	Exempt entity	Special conditions
5.1	(a)   a municipal corporation; or	none
	(b)   a *local governing body
.
5.2	a public authority constituted under an *Australian law	none
.
5.3	a *constitutionally protected fund	none
.
5.4	a *100% subsidiary of the *Future Fund Board that is incorporated under an *Australian law	the 100% subsidiary only undertakes investment activities that the Future Fund Board is able to undertake

Note:

The ordinary and statutory income of a State or Territory body is exempt: see Division 1AB of Part III of the Income Tax Assessment Act 1936 .

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S 50-25 (table) amended by No 40 of 2023, s 3 and Sch 2 item 1, by inserting table item 5.4, effective 1 July 2023 and applicable to assessments for the first income year commencing on or after 28 June 2023 and later income years.

S 50-25 (table) amended by No 9 of 2007 , s 3 and Sch 1 item 8, by inserting item 5.3 at the end, applicable to the 2007-2008 income year and later years.

S 50-25 amended by No 54 of 1999.

S 50-25 inserted by No 121 of 1997.

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