Income Tax Assessment Act 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-A - Key concepts  

SECTION 57-5  

57-5   ENTITIES TO WHICH THIS DIVISION APPLIES  

If:

(a) at a particular time, all of the income of a taxpayer is wholly exempt from income tax; and

(b) immediately after that time, the taxpayer ' s income becomes to any extent assessable income;

then:

(c) the taxpayer is a transition taxpayer ; and

(d) the time when the taxpayer ' s income becomes to that extent assessable is the transition time ; and

(e) the year of income in which the transition time occurs is the transition year for the taxpayer.