Tax Laws Amendment (2013 Measures No. 2) Act 2013 (124 of 2013)

Schedule 11  

Part 2   Amendment commencing after Schedule 1 to the Tax Laws Amendment (2012 Measures No. 6) Act 2013

Income Tax (Transitional Provisions) Act 1997

8   At the end of Part 2-15

Add:

Division 59 - Particular amounts of non-assessable non-exempt income

Table of Subdivisions

59-N Native title benefits

Subdivision 59-N - Native title benefits

Table of sections

59-50 Indigenous holding entities

59-50 Indigenous holding entities

Without limiting subsection 59-50(6) of the Income Tax Assessment Act 1997, an entity was an Indigenous holding entity at a time if:

(a) the time occurred:

(i) during an income year starting on or after 1 July 2008; and

(ii) before the commencement of Chapter 2 of the Australian Charities and Not-for-profits Commission Act 2012; and

(b) at that time, the entity was endorsed under Subdivision 50-B of the Income Tax Assessment Act 1997 as exempt from income tax because the entity was covered by item 1.1, 1.5, 1.5A or 1.5B of the table in section 50-5 of that Act, as in force at that time.