14 Aug 14 Special conditions for various entities whose ordinary and statutory income is exempt - TR 2014/D5
On 13 August 2014, the ATO released for public comment by 26 September 2014 draft Taxation Ruling TR 2014/D5 entitled "Income tax: special conditions for various entities whose ordinary and statutory income is exempt".
The draft Ruling considers two of the special conditions in Div 50 of ITAA 1997 that entities listed in Appendix 1 to the Ruling must satisfy:
- the entity must comply with all of the substantive requirements in its governing rules (governing rules condition), and
- the entity must apply its income and assets solely for the purpose for which the entity is established (income and assets condition).
The Ruling does not consider other special conditions in Div 50 of ITAA 1997.