Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 50.50

Special conditions for item 1.1

             (1)  An entity covered by item 1.1 is not exempt from income tax unless the entity:

                     (a)  has a physical presence in Australia and, to that extent, incurs its expenditure and pursues its objectives principally in Australia; or

                     (b)  is an institution that meets the description and requirements in item 1 of the table in section 30-15; or

                     (c)  is a prescribed institution which is located outside Australia and is exempt from income tax in the country in which it is resident; or

                     (d)  is a prescribed institution that has a physical presence in Australia but which incurs its expenditure and pursues its objectives principally outside Australia;

and the entity satisfies the conditions in subsection (2).

Note 1:       Certain distributions may be disregarded: see section 50-75.

Note 2:       The entity must also meet other conditions to be exempt from income tax: see section 50-52.

             (2)  The entity must:

                     (a)  comply with all the substantive requirements in its governing rules; and

                     (b)  apply its income and assets solely for the purpose for which the entity is established.



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