Income Tax Assessment Act 1997
Pt 2-15 (heading) substituted by No 66 of 2003.
Pt 2-15 inserted by No 121 of 1997.
Div 50 inserted by No 121 of 1997.
The total *ordinary income and *statutory income of the entities covered by the following tables is exempt from income tax. In some cases, the exemption is subject to special conditions.
Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6-20 . The note to subsection 6-15(2) describes some of the other consequences of it being exempt income.
Even if you are an exempt entity, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936 .
In all cases the exemption is subject to the special condition in section 50-47 (about an entity that is an ACNC type of entity).
S 50-1 amended by No 124 of 2013, s 3 and Sch 11 item 1, by inserting note 3, effective 3 December 2012.
S 50-1 inserted by No 121 of 1997.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.