Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)

Schedule 3   Streamline gift fund and integrity arrangements for deductible gift recipients

Income Tax Assessment Act 1997

4   Subsection 30-125(6)

Repeal the subsection, substitute:

(6) A law (outside this Subdivision), a document constituting the entity or rules governing the entity’s activities must require the entity, at the first occurrence of an event described in subsection (7), to transfer to a fund, authority or institution gifts to which can be deducted under this Division:

(a) any surplus assets of the gift fund (see section 30-130); or

(b) if the entity is not required by this section to meet the requirements of section 30-130 - any surplus:

(i) gifts of money or property for the principal purpose of the fund, authority or institution; and

(ii) contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose; and

(iii) money received by the entity because of such gifts or contributions.