Income Tax Assessment Act 1936
SCHEDULE 2D
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TAX EXEMPT ENTITIES THAT BECOME TAXABLE
Division 57
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Tax exempt entities that become taxable
If:
(a) at a particular time, all of the income of a taxpayer is wholly exempt from income tax; and
(b) immediately after that time, the taxpayer ' s income becomes to any extent assessable income;
(c) the taxpayer is a transition taxpayer ; and
(d) the time when the taxpayer ' s income becomes to that extent assessable is the transition time ; and
(e) the year of income in which the transition time occurs is the transition year for the taxpayer.
Subdivision 57-A
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Key concepts
SECTION 57-5
57-5
ENTITIES TO WHICH THIS DIVISION APPLIES
If:
(a) at a particular time, all of the income of a taxpayer is wholly exempt from income tax; and
(b) immediately after that time, the taxpayer ' s income becomes to any extent assessable income;
then:
(c) the taxpayer is a transition taxpayer ; and
(d) the time when the taxpayer ' s income becomes to that extent assessable is the transition time ; and
(e) the year of income in which the transition time occurs is the transition year for the taxpayer.
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