Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)

Schedule 1   Australia as a regional financial centre

Part 1   OBUs, withholding tax and thin capitalisation

Income Tax Assessment Act 1936

4   Section 121C

Insert:

overseas charitable institution means a non-resident institution the income of which:

(a) would be exempt from tax under item 1.1 of section 50-5 of theIncome Tax Assessment Act 1997 (and not under any other item of that section) if the institution had a physical presence in Australia and incurred its expenditure and pursued its objectives principally in Australia; and

(b) is exempt in the country in which it is resident.