INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 59 - Particular amounts of non-assessable non-exempt income  

SECTION 59-50   59-50   Indigenous holding entities  


Without limiting subsection 59-50(6) of the Income Tax Assessment Act 1997 , an entity was an Indigenous holding entity at a time if:


(a) the time occurred:


(i) during an income year starting on or after 1 July 2008; and

(ii) before the commencement of Chapter 2 of the Australian Charities and Not-for-profits Commission Act 2012 ; and


(b) at that time, the entity was endorsed under Subdivision 50-B of the Income Tax Assessment Act 1997 as exempt from income tax because the entity was covered by item 1.1, 1.5, 1.5A or 1.5B of the table in section 50-5 of that Act, as in force at that time.




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