Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

10   Amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997

64   Subsection 995-1(1)

Insert:

exempt entity means:

(a) an entity whose *ordinary income and *statutory income is exempt from income tax because of Division 50; or

(b) an entity whose *ordinary income and *statutory income is exempt from income tax because of any *Commonwealth law other than this Act.