Treasury Laws Amendment (2021 Measures No. 2) Act 2021 (110 of 2021)

Schedule 1   Deductible gift recipients

Part 2   Application and transitional provisions

14   Transitional - existing deductible gift recipients

(1) This item applies if:

(a) immediately before the application date, gifts or contributions to a fund, authority or institution were deductible because the fund, authority or institution satisfied a requirement of Division 30 of the Income Tax Assessment Act 1997; and

(b) at that date, the fund, authority or institution no longer satisfies the requirement because of the amendments made by Part 1 of this Schedule (disregarding this item).

(2) The amendments made by this Schedule do not apply in relation to the fund, authority or institution during the period that:

(a) starts on the application date; and

(b) ends on the earliest of:

(i) the time at which the fund, authority or institution first satisfies the requirement mentioned in subitem (1) (as amended by this Schedule); and

(ii) if the fund, authority or institution does not have an extended application date - the transitional application date; and

(iii) if the fund, authority or institution has an extended application date - the extended application date.