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On 25 February 2015, the ATO issued Taxation Ruling TR 2015/1 entitled "Income tax: special conditions for various entities whose ordinary and statutory income is exempt"

It was previously issued in draft form as TR 2014/D5.

The Ruling considers two of the special conditions that an entity covered by items 1.1, 1.3, 1.4, 1.6, 1.7, 2.1, 3.1, 3.2, 4.1, 6.1, 6.2, 9.1 and 9.2 in the tables in Div 50 of ITAA 1997 must satisfy, namely:

  • the entity must comply with all 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 Division 50.


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