Australian Charities and Not-for-profits Commission (Consequential and Transitional) Act 2012 (169 of 2012)

Schedule 2   References to charities etc.

Part 2   Tax exempt entities

Income Tax (Transitional Provisions) Act 1997

40   At the end of Division 50

Add:

50-50 Charities established prior to 1 July 1997

Disregard the use of the following amounts in determining (for the purposes of Subdivision 50-A of the Income Tax Assessment Act 1997, as amended by Schedules 1 and 2 to the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Act 2012) whether a fund established before 1 July 1997 operates and pursues its purposes in Australia:

(a) an amount received by the entity before 1 July 1997;

(b) an amount derived from an amount mentioned in paragraph (a) or this paragraph.