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
11 After section 50-55
Insert:
50-57 Special condition for item 1.5
A fund covered by item 1.5 is not exempt from income tax unless the fund is applied for the purpose for which it was established.
Note: The fund must also meet another condition to be exempt from income tax: see section 50-52.
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