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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions    View history reference

Subdivision 30-E - Register of environmental organisations    View history reference ITAA 36

Operative provisions

SECTION 30-270  Other requirements it must satisfy  

 View history reference

No payment of profits to its members

30-270(1)  

It must not pay any of its profits or financial surplus, or give any of its property, to its members, beneficiaries, controllers or owners (as appropriate).

No acting as a conduit

30-270(2)  

It must have a policy of not acting as a mere conduit for the donation of money or property to other organisations, bodies or persons.

Surplus assets to be transferred on winding up

30-270(3)  

It must have rules providing that, if the public fund is wound up, any surplus assets of the fund are to be transferred to another fund that is on the register.

Statistical information to be provided

30-270(4)  

 View history reference
It must have agreed to give the *Environment Secretary, within a reasonable period after the end of each income year, statistical information about gifts made to the public fund during that income year.


 



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