Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 50 - Exempt entities  

Subdivision 50-A - Various exempt entities  

SECTION 50-65   Special conditions for item 1.6  

50-65(1)    
A fund covered by item 1.6 is not exempt from tax unless the fund is applied for the purposes for which it was established and is:

(a) a fund that is located in, and which incurs its expenditure principally in, Australia and that is established for the purpose of enabling scientific research to be conducted principally in Australia by or in conjunction with a public university or public hospital; or

(b) a scientific research fund that meets the description and requirements in item 1 or 2 of the table in section 30-15 ;

and the fund satisfies the conditions in subsection (2).

Note:

Certain distributions may be disregarded: see section 50-75 .

50-65(2)    

The fund must:

(a) comply with all the substantive requirements in its governing rules; and

(b) apply its income and assets solely for the purpose for which the fund is established.