Tax Laws Amendment (2006 Measures No. 2) Act 2006 (58 of 2006)

Schedule 7   Technical corrections and improvements

Part 2   Amendments commencing at other times

Income Tax Assessment Act 1997

185   After section 30-125

Insert:

30-130 Maintaining a gift fund

(1) The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund ):

(a) to which gifts of money or property for that purpose are to be made; and

(b) to which contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose are to be made; and

(c) to which any money received by the entity because of such gifts or contributions is to be credited; and

(d) that does not receive any other money or property.

(2) The entity must use the gift fund only for the principal purpose of the fund, authority or institution.