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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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History Div 50 inserted by No 121 of 1997.

Subdivision 50-A - Various exempt entities

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SECTION 50-45  Sports, culture and recreation

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Sports, culture, film and recreation
Item	Exempt entity	Special conditions
9.1	a society, association or club established for the encouragement of:	see section 50-70
	(a)   animal racing; or
	(b)   art; or
	(c)   a game or sport; or
	(d)   literature; or
	(e)   music
.......... .
9.2	a society, association or club established for musical purposes	see section 50-70
.......... .
9.3	ICC Business Corporation FZ-LLC	both of the following:
		(a) the entity is a *wholly-owned subsidiary of International Cricket Council Limited;
		(b) only amounts included as *ordinary income or *statutory income:
			(i) on or after 1 July 2018; and
			(ii) before 1 July 2023
..........
9.4	(Repealed by No 41 of 2011)

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History S 50-45 amended by No 84 of 2018, s 3 and Sch 4 item 4, by reinserting table item 9.3, effective 1 October 2018. S 50-45 amended by No 41 of 2011, s 3 and Sch 5 item 84, by repealing table items 9.3 and 9.4, effective 27 June 2011. Table items 9.3 and 9.4 formerly read: " 9.3 the Australian Film Finance Corporation Pty Limited (incorporated under the Companies Act 1981 on 12 July 1988) none .......... . 9.4 the Commonwealth Games Federation only income *derived on or after 1 January 2000 and before 1 July 2007 " S 50-45 amended by No 65 of 2003 and No 47 of 1998 and inserted by No 121 of 1997.