INCOME TAX ASSESSMENT ACT 1997 - SECT 50.110 Entitlement to endorsement
INCOME TAX ASSESSMENT ACT 1997 - SECT 50.110
Entitlement to endorsement(1) An entity is entitled to be endorsed as exempt from income tax if the entity meets all the relevant requirements of this section.
Which entities are entitled to be endorsed?
(2) To be entitled, the entity must be an entity covered by item 1.1 of the table in section 50 - 5.
(3) To be entitled, the entity must have an * ABN.
Requirement to meet special conditions
(a) the entity must meet the relevant conditions referred to in the column headed "Special conditions" of item 1.1 of the table in section 50 - 5; or
(b) both of the following conditions must be met:
(i) the entity must not have carried on any activities as a charity;
(ii) there must be reasonable grounds for believing that the entity will meet the relevant conditions referred to in the column headed "Special conditions" of item 1.1 of the table.
The entity must also satisfy section 50 - 47, if the entity is an * ACNC type of entity.
(6) To avoid doubt, the condition set out in section 50 - 52 (requiring the entity to be endorsed under this Subdivision) is not a relevant condition for the purposes of subsection (5).
51 - 1 Amounts of ordinary income and statutory income that are exempt
51 - 10 Education and training
51 - 32 Compensation payments for loss of deployment allowance for warlike service
51 - 33 Compensation payments for loss of pay and/or allowances as a Defence reservist
51 - 35 Payments to a full - time student at a school, college or university
51 - 40 Payments to a secondary student
51 - 42 Bonuses for early completion of an apprenticeship
51 - 43 Income collected or derived by copyright collecting society
51 - 45 Income collected or derived by resale royalty collecting society
51 - 50 Maintenance payments to a spouse or child
51 - 52 Income derived from eligible venture capital investments by ESVCLPs
51 - 54 Gain or profit from disposal of eligible venture capital investments
51 - 55 Gain or profit from disposal of venture capital equity
51 - 57 Interest on judgment debt relating to personal injury
51 - 60 Prime Minister's Prizes
51 - 105 Shipping activities
51 - 110 Core shipping activities
51 - 115 Incidental shipping activities
51 - 120 Interest on unclaimed money and property
51 - 125 2018 storms--relief payments