INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 1 - General  

SECTION 23AAAA   CERTAIN DISTRIBUTIONS MAY BE MADE OVERSEAS  

23AAAA(1)   [Government grants disregarded re objectives]  

In determining for the purposes of paragraphs 23(e), (ea), (f), (g) or subparagraph 23(j)(iii) whether an institution, fund or other body incurs its expenditure or pursues its objectives principally in Australia, distributions of any amount received by the institution as a gift whether of money or other property or by way of government grant are to be disregarded.

23AAAA(2)   [Amounts received from certain funds disregarded re objectives]  

In determining for the purposes of paragraph 23(e), (ea) or (g) whether an institution or other body incurs its expenditure or pursues its objectives principally in Australia, distributions of any amount from a fund that is referred to in subsection 78(4) and operated by the institution or other body are to be disregarded.

23AAAA(3)   [Government grants disregarded re expenditure and distributions]  

In determining for the purposes of subparagraph 23(j)(iia) whether a fund:


(a) incurs, and has at all times since 1 July 1997 incurred, its expenditure principally in Australia and pursues, and has at all times since 1 July 1997, pursued its charitable purpose solely in Australia; or


(b) distributes solely, and has at all times since 1 July 1997 distributed solely, to a charitable fund, foundation or institution described in sub-subparagraph 23(j)(iia)(C) or (D) ;

distributions of any amount received by the fund as a gift (whether of money or property) or by way of government grant are to be disregarded.


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