Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 59.35

Amounts that would be mutual receipts but for prohibition on distributions to members

                   An amount of * ordinary income of an entity is not assessable income and not * exempt income if:

                     (a)  the amount would be a mutual receipt, but for the entity's constituent document preventing the entity from making any * distribution, whether in money, property or otherwise, to its members; and

                     (b)  apart from this section, the amount would be assessable income only because of section 6-5.



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