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Published: 8 September 2014

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Income tax exemption for NFP entities

The ATO has released a draft ruling in relation to entities that are exempt from income tax. Members of the public are invited to provide comment. In essence, to be an income tax exempt, entities must satisfy various requirements, including compliance with the following two special conditions:
The Governing Rules Condition - The entity must comply with all of the substantive requirements in its governing rules
The Income and Assets Condition -  The entity must apply its income and assets solely for the purpose for which the entity is established.

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