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
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:
(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.
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.
Division 50
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Exempt entities
Subdivision 50-A
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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.
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