Charities (Consequential Amendments and Transitional Provisions) Act 2013 (96 of 2013)

Schedule 2   Transitional provisions

Part 2   Registration

Division 2   Funds contributing to other funds

4   Funds contributing to other funds

(1) This item applies to a fund that, on the day before the commencement day, is endorsed as a contributing fund.

(2) The Commissioner of Taxation is treated as having endorsed the fund under Subdivision 50-B of the Income Tax Assessment Act 1997 on the commencement day as exempt from income tax because the fund is covered by item 1.1 of the table in section 50-5 of that Act (registered charity).

(3) The Commissioner of the ACNC is treated as having registered the fund on the commencement day under Division 30 of the ACNC Act as the type of entity mentioned in column 1 of item 1 of the table in subsection 25-5(5) of that Act (charity).

(4) The purpose the fund has, on the day before the commencement day, is treated as being a charitable purpose during the period:

(a) starting on the commencement day; and

(b) ending on the day (if any) the fund ceases to be entitled to be endorsed as a contributing fund (disregarding the amendments made by Schedule 1 to this Act).