Income Tax Assessment Act 1936
Pt VIIA repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010.
Pt VIIA originally inserted by No 10 of 1943.
Div 7 repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010.
Div 7 heading inserted by No 78 of 1988.
(Repealed by No 114 of 2009)
S 251LA repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010. S 251LA formerly read:
RECOGNISED PROFESSIONAL ASSOCIATIONS
A recognised professional association is an organisation that:
(a) meets the requirements in subsections (2) to (10); or
(b) is a charitable institution or a public educational institution:
(i) that meets the requirements in subsections (2) to (4); and
(ii) whose income is exempt from income tax under section 50-5 of the Income Tax Assessment Act 1997 ; and
(iii) whose sole or principal activity is providing education, training and information about taxation.
The organisation must:
(a) be administered by a committee of management elected by and accountable to its members; and
(b) not be carried on for profit or gain (excluding a reasonable salary or honorarium) to:
(i) an office holder of the organisation; or
(ii) its members; or
(iii) members of bodies ( member bodies ) that are its members; and
(iv) any person who is a member of that committee of management.
The individuals who are members of that committee must be of good fame, integrity and character.
The organisation must have at least 1,000 financial members who have the right to vote at meetings of the organisation.
An individual or member body must not be eligible for membership of the organisation unless the individual, or each individual who is a member of the member body (except a student member), has completed the requirements for:
(a) a diploma or certificate in accounting from a college or institute of technical and further education involving at least 2 years ' full time, or 4 years ' part time, study; or
(b) an Australian tertiary qualification in accountancy involving at least 3 years ' full time, or 6 years ' part time, study; or
(c) some other similar qualification, or exemption from qualification, acceptable to the organisation; or
(d) admission as a legal practitioner in Australia.
Under the rules of the organisation, individuals who are its members or members of its member bodies and who carry on a profession must:
(a) be subject to rules controlling their conduct in the practice of that profession; and
(b) be subject to discipline for breaches of those rules; and
(c) be required to undertake at least 15 hours of continuing professional education in each year (unless exempted in special circumstances); and
(d) if they are permitted by that organisation to be in public practice - have professional indemnity insurance.
The organisation must have in place adequate operational procedures to ensure it is properly managed and its rules are enforced.
The organisation must have satisfactory arrangements in place for:
(a) notifying clients of its members or of members of its member bodies as to how to make complaints; and
(b) hearing and deciding those complaints; and
(c) taking disciplinary action if complaints are justified.
The organisation must have satisfactory arrangements in place for publishing annual statistics about:
(a) the kinds and frequency of complaints (except complaints under this Act about registered tax agents); and
(b) findings made as a result of the complaints; and
(c) action taken as a result of those findings.
The organisation must be able to pay its debts as they fall due.
S 251LA inserted by No 91 of 2000.