Income Tax Assessment Act 1997

Div 30 inserted by No 121 of 1997.

Subdiv 30-BA inserted by No 179 of 1999.

S 30-125(1) amended by No 52 of 2024, s 3 and Sch 3 item 3, by substituting para (d) and (e) for para (d), effective 29 June 2024. Para (d) formerly read:

(d) in the case of an * ancillary fund:

(i) the fund complies with the rules in the * public ancillary fund guidelines or the * private ancillary fund guidelines (whichever are applicable); and

(ii) all of the trustees of the fund comply with those rules.

S 30-125(1) amended by No 147 of 2011, s 3 and Sch 8 items 4 and 5, by substituting " an * ancillary fund " for " a * private ancillary fund " in para (d) and " * public ancillary fund guidelines or the * private ancillary fund guidelines (whichever are applicable) " for " * private ancillary fund guidelines " in para (d)(i), effective 1 January 2012.

S 30-125(1) substituted by No 88 of 2009, s 3 and Sch 2 item 7, effective 1 October 2009. For transitional provisions, see note under s 30-15(2) . S 30-125(1) formerly read:

Endorsement of an entity that is a fund, authority or institution

30-125(1)
An entity is entitled to be endorsed as a ^* deductible gift recipient if the entity:

(a) has an ^* ABN; and

(b) is a fund, authority or institution that:

(i) is described (but not by name) in item 1, 2 or 4 of the table in section 30-15; and

(ii) is not described by name in Subdivision 30-B if it is described in item 1 of that table; and

(iii) meets the relevant conditions (if any) identified in the column headed " Special conditions " of the item of that table in which it is described; and

(c) meets the requirements of subsection (6), unless:

(i) the entity is established by an Act; and

(ii) the Act (or another Act) does not provide for the winding up or termination of the entity.

S 30-125(1) amended by No 55 of 2007 , s 3 and Sch 3 item 1, by substituting para (c), effective 12 April 2007. Para (c) formerly read:

(c) meets the requirements of:

(i) if the entity is established by an Act and the Act (or another Act) does not provide for the winding up or termination of the entity - section 30-130 ; and

(ii) in any other case - subsection (6) of this section and section 30-130 .

S 30-125(1) amended by No 58 of 2006 , s 3 and Sch 7 items 179 and 180, by substituting " section 30-130 " for " subsections (4) and (5) " in para (c)(i) and substituting " subsection (6) of this section and section 30-130 " for " subsections (4), (5) and (6) " , effective 1 July 2004.

S 30-125(1) amended by No 107 of 2003.

S 30-125(2) amended by No 55 of 2007 , s 3 and Sch 3 item 2, by substituting paras (d) and (e) for para (d), effective 12 April 2007. Para (d) formerly read:

(d) the entity meets the requirements of:

(i) if the entity is established by an Act and the Act (or another Act) does not provide for the winding up or termination of the entity - section 30-130 ; and

(ii) in any other case - subsection (6) of this section and section 30-130 .

S 30-125(2) amended by No 58 of 2006 , s 3 and Sch 7 items 181 and 182, by substituting " section 30-130 " for " subsections (4) and (5) " and substituting " subsection (6) of this section and section 30-130 " for " subsections (4) and (5) " , effective 1 July 2004.

S 30-125(2) amended by No 107 of 2003.

S 30-125(3) substituted by No 169 of 2012, s 3 and Sch 2 item 16, effective 3 December 2012. For transitional provision see note under s 30-20(1) . S 30-125(3) formerly read:

Relevant special conditions in table in section 30-15

30-125(3)
To avoid doubt, a condition requiring the fund, authority or institution to meet the requirements of section 30-17 is not a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c).

Note:

Section 30-17 requires the entity to be endorsed under this Subdivision as a deductible gift recipient.

S 30-125(4) repealed by No 58 of 2006 , s 3 and Sch 7 item 183, effective 1 July 2004. S 30-125(4) formerly read:

Maintaining gift fund

30-125(4)
The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund ):

(a) to which gifts, or deductible contributions, of money or property for that purpose are to be made; and

(b) to which any money received by the entity because of such gifts, or deductible contributions, is to be credited; and

(c) that does not receive any other money or property.

S 30-125(4) amended by No 95 of 2004.

S 30-125(4A) repealed by No 58 of 2006 , s 3 and Sch 7 item 183, effective 1 July 2004. S 30-125(4A) formerly read:

30-125(4A)
For the purposes of subsection (4), if a contribution described in item 7 or 8 of the table in section 30-15 is made in relation to a ^* fund-raising event:

(a) the contribution is a deductible contribution; and

(b) the contribution is taken to have been made for the same purpose for which funds were raised by the fund-raising event.

S 30-125(4A) inserted by No 95 of 2004.

S 30-125(5) repealed by No 58 of 2006 , s 3 and Sch 7 item 183, effective 1 July 2004. S 30-125(5) formerly read:

Limits on use of gift fund

30-125(5)
The entity must use the following only for the principal purpose of the fund, authority or institution:

(a) gifts made to the gift fund;

(b) any money received because of such gifts.

S 30-125(6) substituted by No 55 of 2007 , s 3 and Sch 3 items 3 and 4, effective 12 April 2007. S 30-125(6) formerly read:

30-125(6)
A law (outside this Subdivision), a document constituting the entity or rules governing the entity ' s activities must require the entity to transfer, at the first occurrence of an event described in subsection (7), any surplus assets of the gift fund (see section 30-130 ) to a fund, authority or institution gifts to which can be deducted under this Division.

S 30-125(6) amended by No 58 of 2006 , s 3 and Sch 7 item 184, by inserting " (see section 30-130) " after " gift fund " , effective 1 July 2004.

S 30-125(7) amended by No 55 of 2007 , s 3 and Sch 3 item 5, by substituting " of the fund, authority or institution " for " of the gift fund " in para (a), effective 12 April 2007.

S 30-125 amended by No 55 of 2007, s 3 and Sch 3 item 6, by inserting note 3 at the end, effective 12 April 2007.

S 30-125 amended by No 95 of 2004 and inserted by No 179 of 1999.