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 50-72   Special condition for item 4.1  

50-72(1)  
A fund covered by item 4.1 is not exempt from income tax unless the fund:

(a) is applied for the purposes for which it is established; and

(b) distributes solely, and has at all times since the time mentioned in subsection (2) distributed solely, to a fund, authority or institution that:

(i) meets the description and requirements in item 1 of the table in section 30-15 ; and

(ii) is an *exempt entity; and

(c) complies with all the substantive requirements in its governing rules; and

(d) applies its income and assets solely for the purpose for which the fund is established.

50-72(2)  
The time is the start of the income year after the income year in which the Tax Laws Amendment (2005 Measures No. 3) Act 2005 receives the Royal Assent.