Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 50 - Exempt entities  

Subdivision 50-A - Various exempt entities  

SECTION 50-55   Special conditions for items 1.3, 1.4, 6.1 and 6.2  

50-55(1)    
An entity covered by item 1.3, 1.4, 6.1 or 6.2 is not exempt from income tax unless the entity:


(a) has a physical presence in Australia and, to that extent, incurs its expenditure and pursues its objectives principally in Australia; or


(b) is an institution that meets the description and requirements in item 1 of the table in section 30-15 ; or


(c) is a prescribed institution which is located outside Australia and is exempt from income tax in the country in which it is resident;

and the entity satisfies the conditions in subsection (2).

Note:

Certain distributions may be disregarded: see section 50-75 .


50-55(2)    


The entity must:


(a) comply with all the substantive requirements in its governing rules; and


(b) apply its income and assets solely for the purpose for which the entity is established.



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.