INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 207 - Effect of receiving a franked distribution  

Subdivision 207-E - Exceptions to the rules in Subdivision 207-D  

Exempt institutions

SECTION 207-115   Which exempt institutions are eligible for a refund?  

207-115(1)  
This section sets out the only circumstances in which an entity is an exempt institution that is eligible for a refund . Income tax exempt charities

207-115(2)  
An entity is an exempt institution that is eligible for a refund if it:


(a) is covered by item 1.1 of the table in section 50-5 ; and


(b) is endorsed as exempt from income tax under Subdivision 50-B ; and


(c) satisfies the *residency requirement.

Income tax exempt deductible gift recipients

207-115(3)  
An entity is an exempt institution that is eligible for a refund if it:


(a) is endorsed under paragraph 30-120(a) ; and


(b) satisfies the *residency requirement. Income tax exempt specified deductible gift recipients

207-115(4)  
An entity is an exempt institution that is eligible for a refund if:


(a) the entity ' s name is specified in a table in a section in Subdivision 30-B ; and


(b) it has an ABN; and


(c) it satisfies the *residency requirement.

Income tax exempt relief funds

207-115(5)  
An entity is an exempt institution that is eligible for a refund if:


(a) a declaration by the Minister is in force in relation to the institution under subsection 30-85(2) ; and


(b) the regulations do not provide that the entity is not an exempt institution that is eligible for a refund.

Prescribed income tax exempt entities

207-115(6)  
An entity is an exempt institution that is eligible for a refund if the entity is prescribed as an exempt institution that is eligible for a refund by the regulations.

207-115(7)  
This section has effect subject to sections 207-119 to 207-136 .


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