A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 8   Endorsing entities as exempt from income tax

Income Tax Assessment Act 1997

11   After section 50-55

Insert:

50-57 Special condition for item 1.5

A fund covered by item 1.5 is not exempt from income tax unless the fund is applied for the purpose for which it was established.

Note: The fund must also meet another condition to be exempt from income tax: see section 50-52.