Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)
Schedule 1 Australia as a regional financial centre
Part 1 OBUs, withholding tax and thin capitalisation
Income Tax Assessment Act 1936
4 Section 121C
Insert:
overseas charitable institution means a non-resident institution the income of which:
(a) would be exempt from tax under item 1.1 of section 50-5 of theIncome Tax Assessment Act 1997 (and not under any other item of that section) if the institution had a physical presence in Australia and incurred its expenditure and pursued its objectives principally in Australia; and
(b) is exempt in the country in which it is resident.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).