A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 8   Endorsing entities as exempt from income tax

Income Tax Assessment Act 1997

5   Section 50-5 (note)

Repeal the note, substitute:

Note 1: Section 50-52 has the effect that certain charitable institutions, funds and trusts are exempt from income tax only if they are endorsed under Subdivision 50-B.

Note 2: Section 50-80 may affect which item a trust is covered by.