Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-15 - NON-ASSESSABLE INCOME

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Division 50 - Exempt entities

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Subdivision 50-A - Various exempt entities

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SECTION 50-5 Charity, education and science

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Charity, education, science and religion
Item	Exempt entity	Special conditions
1.1	registered charity	see sections 50-50 and 50-52
.
1.2	(Repealed by No 169 of 2012)
.
1.3	scientific institution	see section 50-55
.
1.4	public educational institution	see section 50-55
.
1.5	(Repealed by No 169 of 2012)
.
1.5A	(Repealed by No 169 of 2012)
.
1.5B	(Repealed by No 169 of 2012)
.
1.6	fund established to enable scientific research to be conducted by or in conjunction with a public university or public hospital	see section 50-65
.
1.7	society, association or club established for the encouragement of science	see section 50-70
.
1.8	(Repealed by No 75 of 2010 )

Note 1:

Section 50-52 has the effect that certain charities 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.

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History

S 50-5 amended by No 75 of 2010 , s 3 and Sch 5 item 11, by repealing table item 1.8, effective 1 January 2018. Table item 1.8 formerly read:

1.8 Global Carbon Capture and Storage Institute Ltd only amounts included in assessable income:
(a) on or after 1 July 2009; and
(b) before 1 July 2013

S 50-5 amended by No 96 of 2013, s 3 and Sch 1 item 27, by substituting " charities " for " charitable institutions, funds and trusts " in note 1, effective 1 January 2014.

S 50-5 amended by No 169 of 2012, s 3 and Sch 2 items 30 and 31, by substituting table item 1.1 for table items 1.1 and 1.2, and repealing table items 1.5, 1.5A and 1.5B, effective 3 December 2012. Table items 1.1, 1.2, 1.5, 1.5A and 1.5B formerly read:

1.1 charitable institution see sections 50-50 and 50-52

.

1.2 religious institution see section 50-50

.

1.5 fund established for public charitable purposes by will before 1 July 1997 see sections 50-52 and 50-57

.

1.5A trust covered by paragraph 50-80(1)(c) see sections 50-52 and 50-60

.

1.5B fund established in Australia for public charitable purposes by will or instrument of trust (and not covered by item 1.5 or 1.5A) see sections 50-52 and 50-60

S 50-5 amended by No 75 of 2010 , s 3 and Sch 5 item 1, by inserting table item 1.8, effective 28 June 2010.

S 50-5 amended by No 179 of 1999, No 47 of 1998, inserted by No 121 of 1997.

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1.1	charitable institution	see sections 50-50 and 50-52
.
1.2	religious institution	see section 50-50
.
1.5	fund established for public charitable purposes by will before 1 July 1997	see sections 50-52 and 50-57
.
1.5A	trust covered by paragraph 50-80(1)(c)	see sections 50-52 and 50-60
.
1.5B	fund established in Australia for public charitable purposes by will or instrument of trust (and not covered by item 1.5 or 1.5A)	see sections 50-52 and 50-60