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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 50-72  Special condition for item 4.1

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50-72(1)

A fund covered by item 4.1 is not exempt from income tax unless the fund:

(a) is applied for the purposes for which it is established; and

(b) distributes solely, and has at all times since the time mentioned in subsection (2) distributed solely, to a fund, authority or institution that:

(i) meets the description and requirements in item 1 of the table in section 30-15; and

(ii) is an *exempt entity; and

(c) complies with all the substantive requirements in its governing rules; and

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(d) applies its income and assets solely for the purpose for which the fund is established.

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History S 50-72(1) amended by No 124 of 2013, s 3 and Sch 11 item 54, by inserting para (c) and (d), applicable in relation to income years starting on or after 30 June 2013.

50-72(2)

The time is the start of the income year after the income year in which the Tax Laws Amendment (2005 Measures No. 3) Act 2005 receives the Royal Assent.

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History S 50-72 inserted by No 63 of 2005. Former s 50-72 repealed by No 89 of 2000, inserted by No 89 of 2000.