Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-15
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NON-ASSESSABLE INCOME
Division 50
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Exempt entities
Subdivision 50-A
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Various exempt entities
SECTION 50-25
Government
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| Government | ||
| Item | Exempt entity | Special conditions |
| 5.1 | (a) a municipal corporation; or | none |
| (b) a *local governing body | ||
| . | ||
| 5.2 | a public authority constituted under an *Australian law | none |
| . | ||
| 5.3 | a *constitutionally protected fund | none |
| . | ||
| 5.4 | a *100% subsidiary of the *Future Fund Board that is incorporated under an *Australian law | the 100% subsidiary only undertakes investment activities that the Future Fund Board is able to undertake |
Note:
The ordinary and statutory income of a State or Territory body is exempt: see Division 1AB of Part III of the Income Tax Assessment Act 1936 .
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