Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 50.1

    The total * ordinary income and * statutory income of the entities covered by the following tables is exempt from income tax. In some cases, the exemption is subject to special conditions.

Note 1:   Ordinary and statutory income that is exempt from income tax is called exempt income: see section   6 - 20. The note to subsection   6 - 15(2) describes some of the other consequences of it being exempt income.

Note 2:   Even if you are an exempt entity, the Commissioner can still require you to lodge an income tax return or information under section   161 of the Income Tax Assessment Act 1936 .

Note 3:   In all cases the exemption is subject to the special condition in section   50 - 47 (about an entity that is an ACNC type of entity).