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TAXATION LAWS AMENDMENT ACT (NO. 8) 2003 NO. 107, 2003 - SCHEDULE 5

- Endorsement of perpetual bodies as deductible gift recipients

Income Tax Assessment Act 1997

1 Paragraph 30-125(1)(c)

Repeal the paragraph, substitute:

(c) meets the requirements of:
(i) if the entity is established by an Act and the Act (or another Act) does not provide for the winding up or termination of the entity—subsections (4) and (5); and
(ii) in any other case—subsections (4), (5) and (6).
2 Paragraph 30-125(2)(d)

Repeal the paragraph, substitute:

(d) the entity meets the requirements of:
(i) if the entity is established by an Act and the Act (or another Act) does not provide for the winding up or termination of the entity—subsections (4) and (5); and
(ii) in any other case—subsections (4), (5) and (6).
3 Application of amendments

The amendments made by items 1 and 2 apply in relation to gifts made on or after 1 July 2003.


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