Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-15
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NON-ASSESSABLE INCOME
Division 50
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Exempt entities
Subdivision 50-A
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Various exempt entities
SECTION 50-25
Government
Government | ||
Item | Exempt entity | Special conditions |
5.1 | (a) a municipal corporation; or | none |
(b) a *local governing body | ||
. | ||
5.2 | a public authority constituted under an *Australian law | none |
. | ||
5.3 | a *constitutionally protected fund | none |
Note:
The ordinary and statutory income of a State or Territory body is exempt: see Division 1AB of Part III of the Income Tax Assessment Act 1936 .
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