Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

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History

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

Pt 2-15 inserted by No 121 of 1997.

Division 50 - Exempt entities  

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Div 50 inserted by No 121 of 1997.

Subdivision 50-A - Various exempt entities  

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SECTION 50-65   Special conditions for item 1.6  

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50-65(1)    
A fund covered by item 1.6 is not exempt from tax unless the fund is applied for the purposes for which it was established and is:

(a) a fund that is located in, and which incurs its expenditure principally in, Australia and that is established for the purpose of enabling scientific research to be conducted principally in Australia by or in conjunction with a public university or public hospital; or

(b) a scientific research fund that meets the description and requirements in item 1 or 2 of the table in section 30-15 ;

and the fund satisfies the conditions in subsection (2).

Note:

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

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S 50-65(1) renumbered from s 50-65 and amended by No 124 of 2013, s 3 and Sch 11 items 46 - 48, by substituting " section 30-15; " for " section 30-15. " , and inserting " and the fund satisfies the conditions in subsection (2). " at the end, applicable in relation to income years starting on or after 30 June 2013.

S 50-65 amended by No 179 of 1999 and inserted by No 47 of 1998.

50-65(2)    

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The fund must:

(a) comply with all the substantive requirements in its governing rules; and

(b) apply its income and assets solely for the purpose for which the fund is established.

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S 50-65(2) inserted by No 124 of 2013, s 3 and Sch 11 item 49, applicable in relation to an R & D entity ' s assessments for income years commencing on or after 30 June 2013.

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