Tax Laws Amendment (2005 Measures No. 3) Act 2005 (63 of 2005)

Schedule 1   Philanthropy

Income Tax Assessment Act 1997

14   After section 50-70

Insert:

50-72 Special condition for item 4.1

(1) A fund covered by item 4.1 is not exempt from income tax unless the fund:

(a) is applied for the purposes for which it is established; and

(b) distributes solely, and has at all times since the time mentioned in subsection (2) distributed solely, to a fund, authority or institution that:

(i) meets the description and requirements in item 1 of the table in section 30-15; and

(ii) is an *exempt entity.

(2) The time is the start of the income year after the income year in which the Tax Laws Amendment (2005 Measures No. 3) Act 2005 receives the Royal Assent.