Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 50 - Exempt entities  

SECTION 50-50  

50-50   Charities established prior to 1 July 1997  

Disregard the use of the following amounts in determining (for the purposes of Subdivision 50-A of the Income Tax Assessment Act 1997 ) whether a fund established before 1 July 1997 operates and pursues its purposes in Australia:

(a) an amount received by the entity before 1 July 1997;

(b) an amount derived from an amount mentioned in paragraph (a) or this paragraph.