Income Tax Assessment Act 1997

Div 30 inserted by No 121 of 1997.

Subdiv E repealed by No 40 of 2023, s 3 and Sch 3 item 4, effective 1 January 2024. For transitional provision, see note under s 30-55(1) .

S 30-270 repealed by No 40 of 2023, s 3 and Sch 3 item 4, effective 1 January 2024. For transitional provision, see note under s 30-55(1) . S 30-270 formerly read:

SECTION 30-270 Other requirements it must satisfy  
No payment of profits to its members

30-270(1)
It must not pay any of its profits or financial surplus, or give any of its property, to its members, beneficiaries, controllers or owners (as appropriate).

No acting as a conduit

30-270(2)
It must have a policy of not acting as a mere conduit for the donation of money or property to other organisations, bodies or persons.

Surplus assets to be transferred on winding up

30-270(3)
It must have rules providing that, if the public fund is wound up, any surplus assets of the fund are to be transferred to another fund that is on the register.

Statistical information to be provided

30-270(4)
It must have agreed to give the *Environment Secretary, within a reasonable period after the end of each income year, statistical information about gifts made to the public fund during that income year.

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History

S 30-270(4) amended by No 143 of 2007 , s 3 and Sch 7 item 26, by substituting " *Environment Secretary " for " Secretary to the Department of the Environment, Sport and Territories " , effective 24 September 2007.

Note: The change was made despite the amendment in No 143 of 2007 reading " Department of the Environment " instead of " Department of Environment " , which appeared in s 30-270(4). This has now been corrected by No 97 of 2008 , Sch 3 item 67, effective 3 October 2008.

S 30-270 inserted by No 121 of 1997.