INCOME TAX ASSESSMENT ACT 1997
| CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION |
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History
Pt 2-15 (heading) substituted by No 66 of 2003. Pt 2-15 inserted by No 121 of 1997. |
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History
Div 50 inserted by No 121 of 1997. |
An entity covered by item 1.7, 2.1, 9.1 or 9.2 is not exempt from tax unless the entity is a society, association or club that is not carried on for the purpose of profit or gain of its individual members and that:
(a) has a physical presence in Australia and, to that extent, incurs its expenditure and pursues its objectives principally in Australia; or
(b) is a society, association or club that meets the description and requirements in item 1 of the table in section
30-15
; or
(c) is a prescribed society, association or club which is located outside Australia and is exempt from income tax in the country in which it is resident;
and the entity satisfies the conditions in subsection (2).
Note:Certain distributions may be disregarded: see section
50-75
.
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History
S 50-70(1) renumbered from s 50-70 and amended by No 124 of 2013, s 3 and Sch 11 items 50
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52, by substituting
"
resident;
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for
"
resident.
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in para (c) and inserting
"
and the entity satisfies the conditions in subsection (2).
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at the end, applicable in relation to income years starting on or after 30 June 2013. S 50-70 amended by No 89 of 2000, No 179 of 1999, inserted by No 47 of 1998. |
The entity must:
(a) comply with all the substantive requirements in its governing rules; and
(b) apply its income and assets solely for the purpose for which the entity is established.
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History
S 50-70(2) inserted by No 124 of 2013, s 3 and Sch 11 item 53, applicable in relation to income years starting on or after 30 June 2013. |
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