This Draft Ruling, released Wed 13.8.2014, outlines the special conditions that various entities listed in Div 50 of the ITAA 1997 (mostly not-for-profit entities) must satisfy for their ordinary and statutory income to be exempt from income tax.
It considers 2 of the special conditions that the entities must satisfy, namely:
- that the entity must comply with all of the substantive requirements in its governing rules, and
- that the entity must apply its income and assets solely for the purpose for which the entity is established.
DATE OF EFFECT: When the final Ruling issued, it is proposed to apply both before and after its date of issue.
COMMENTS are due by 26 September 2014. ATO contact: Jeremy Khaw – Tel: (03) 9275 2035; Fax (03) 9275 2827; Email: Jeremy.Khaw@ato.gov.au.
[LTN 155, 13/5/14]