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 50-75   Certain distributions may be made overseas  

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50-75(1)    
In determining for the purposes of this Subdivision whether an institution, fund or other body incurs its expenditure or pursues its objectives principally in Australia, distributions of any amount received by the institution, fund or other body as a gift (whether of money or other property) or by way of government grant are to be disregarded.

50-75(2)    
In determining for the purposes of this Subdivision whether an institution, fund or other body incurs its expenditure or pursues its objectives principally in Australia, distributions of any amount from a fund that is referred to in a table in Subdivision 30-B and operated by the institution, fund or other body are to be disregarded.

50-75(3)    
(Repealed by No 169 of 2012)

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S 50-75(3) repealed by No 169 of 2012, s 3 and Sch 4 item 7, effective 3 December 2012. S 50-75(3) formerly read:

50-75(3)
In determining for the purposes of section 50-60 whether a fund:

(a) incurs, and has at all times since 1 July 1997 incurred, its expenditure principally in Australia and pursues, and has at all times since 1 July 1997, pursued its charitable purposes solely in Australia; or

(b) distributes solely, and has at all times since 1 July 1997 distributed solely, to a charitable fund, foundation or institution described in subparagraph 50-60(c)(i) or (ii) ;

distributions of any amount received by the fund as a gift (whether of money or property) or by way of government grant are to be disregarded.

S 50-75(3) amended by No 63 of 2005.

S 50-75 inserted by No 47 of 1998.

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