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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-BA - Endorsement of deductible gift recipients    View history reference [No equivalent]

Endorsement as a deductible gift recipient

SECTION 30-125  Entitlement to endorsement  

 View history reference

Endorsement of an entity that is a fund, authority or institution

30-125(1)  

 View history reference
An entity is entitled to be endorsed as a *deductible gift recipient if:


(a) the entity has an *ABN; and


(b) the entity is a fund, authority or institution that:


(i) is described (but not by name) in item 1, 2 or 4 of the table in section 30-15; and

(ii) is not described by name in Subdivision 30-B if it is described in item 1 of that table; and

(iii) meets the relevant conditions (if any) identified in the column headed "Special conditions" of the item of that table in which it is described; and


(c) the entity meets the requirements of subsection (6), unless:

(i) the entity is established by an Act; and

(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and
 View history reference


(d) in the case of an *ancillary fund:


(i) the fund complies with the rules in the *public ancillary fund guidelines or the *private ancillary fund guidelines (whichever are applicable); and

(ii) all of the trustees of the fund comply with those rules.

Endorsement of an entity for operating a fund, authority etc.

30-125(2)  

An entity is entitled to be endorsed as a *deductible gift recipient for the operation of a fund, authority or institution that is described (but not by name) in item 1, 2 or 4 of the table in section 30-15 and is not described by name in Subdivision 30-B if:


(a) the entity has an *ABN; and


(b) the entity:


(i) legally owns the fund; or

(ii) includes the authority or institution; and


(c) the fund, authority or institution meets the relevant conditions (if any) identified in the column headed "Special conditions" of that item; and


(d) the entity meets the requirements of subsection (6), unless:

(i) the entity is established by an Act; and

(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and
 View history reference


(e) the entity meets the requirements of section 30-130, unless the entity is endorsed as a deductible gift recipient under paragraph 30-120(a).
 View history reference

Relevant special conditions in table in section 30-15

30-125(3)  

 View history reference
To avoid doubt:


(a) a condition requiring the fund, authority or institution to meet the requirements of section 30-17 is not a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section; and

Note:

Section 30-17 requires the entity to be endorsed under this Subdivision as a deductible gift recipient.


(b) in the case of a fund, authority or institution that is described in item 1 of the table in section 30-15 - a condition set out in the relevant table item in Subdivision 30-B, including a condition identified in the column headed "Special conditions - fund, authority or institution" of that item (if any), is a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section.

Note:

Paragraph (c) of the column headed "Special conditions" of item 1 of the table in section 30-15 requires any conditions set out in the relevant table item in Subdivision 30-B to be satisfied.

30-125(4)  

(Repealed by No 58 of 2006)

30-125(4A)  

(Repealed by No 58 of 2006)

30-125(5)  

(Repealed by No 58 of 2006)

Transfer of assets from fund, authority or institution

30-125(6)  

 View history reference
A law (outside this Subdivision), a document constituting the entity or rules governing the entity's activities must require the entity, at the first occurrence of an event described in subsection (7), to transfer to a fund, authority or institution gifts to which can be deducted under this Division:


(a) any surplus assets of the gift fund (see section 30-130); or


(b) if the entity is not required by this section to meet the requirements of section 30-130 - any surplus:


(i) gifts of money or property for the principal purpose of the fund, authority or institution; and

(ii) contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose; and

(iii) money received by the entity because of such gifts or contributions.

Events requiring transfer

30-125(7)  

The events are:


(a) the winding up of the fund, authority or institution; and
 View history reference


(b) if the entity is endorsed because of a fund, authority or institution - the revocation of the entity's endorsement under this Subdivision relating to the fund, authority or institution.

Note 1:

There are 2 ways an entity can be endorsed because of a fund, authority or institution. An entity can be endorsed either because it is a fund, authority or institution or because it operates a fund, authority or institution.

Note 2:

Section 426-55 in Schedule 1 to the Taxation Administration Act 1953 deals with revocation of endorsement.

Note 3:

The entity is also required to keep appropriate records: see section 382-15 of the Taxation Administration Act 1953.


 



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