Income Tax Assessment Act 1997
View history note
Hide history noteAn amount of * ordinary income of an entity is not assessable income and not * exempt income if:
(a) the amount would be a mutual receipt, but for:
(i) the entity ' s constituent document preventing the entity from making any * distribution, whether in money, property or otherwise, to its members; or
(ii) the entity ' s constituent document providing for the entity to issue MCIs (within the meaning of the Corporations Act 2001 ) or to pay * dividends in respect of MCIs; or
(iii) the entity having issued one or more MCIs (within the meaning of the Corporations Act 2001 ) or having paid dividends in respect of one or more MCIs; and
(b) apart from this section, the amount would be assessable income only because of section 6-5 .
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