Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 7   Technical corrections

Income Tax Assessment Act 1997

14   Subsection 995-1(1) (definition of exempt entity )

Repeal the definition, substitute:

exempt entity means:

(a) an entity all of whose *ordinary income and *statutory income is exempt from income tax because of this Act or because of another *Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or

(b) an *untaxable Commonwealth entity.

Note: See section 11-5 for a list of entities of the kind referred to in paragraph (a).