Commonwealth Consolidated Acts

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Special conditions for items 1.7, 2.1, 9.1 and 9.2

             (1)  An entity covered by item 1.7, 2.1, 9.1 or 9.2 is not exempt from tax unless the entity is a society, association or club that is not carried on for the purpose of profit or gain of its individual members and that:

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

                     (b)  is a society, association or club that meets the description and requirements in item 1 of the table in section 30-15; or

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

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

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

             (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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