A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME    View history reference

Division 50 - Exempt entities    View history reference

Subdivision 50-A - Various exempt entities    View history reference

SECTION 50-72  Special condition for item 4.1  

 View history reference [No equivalent]

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
 View history reference


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

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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page