Income Tax Assessment Act 1997

Pt 2-15 (heading) substituted by No 66 of 2003.

Pt 2-15 inserted by No 121 of 1997.

Div 50 inserted by No 121 of 1997.

S 50-60 repealed by No 169 of 2012, s 3 and Sch 4 item 6, effective 3 December 2012. S 50-60 formerly read:

SECTION 50-60 Special conditions for items 1.5A and 1.5B  
50-60
A fund covered by item 1.5A or 1.5B is not exempt from income tax unless the fund is applied for the purposes for which it was established and:

(a) incurs, and has at all times since 1 July 1997 incurred, its expenditure principally in Australia and pursues, and has at all times since 1 July 1997 pursued, its charitable purposes solely in Australia; or

(b) is a fund which is referred to in a table in Subdivision 30-B or in item 2 of the table in section 30-15 ; or

(c) distributes solely, and has at all times since 1 July 1997 distributed solely, to either or both of the following:

(i) a charitable fund, foundation or institution which, to the best of the trustee ' s knowledge, is located in Australia and incurs its expenditure principally in Australia and pursues its charitable purposes solely in Australia;

(ii) a charitable fund, foundation or institution that, to the best of the trustee ' s knowledge, meets the description and requirements in item 1 or 2 of the table in section 30-15 .

Note 1:

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

Note 2:

The fund must also meet other conditions to be exempt from income tax: see section 50-52 .

S 50-60 amended by No 63 of 2005, No 179 of 1999 and inserted by No 47 of 1998.