INCOME TAX ASSESSMENT ACT 1997 - SECT 59.35 Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs

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 or issue of MCIs

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:

(i) the entity's constituent document preventing the entity from making any * distribution, whether in money, property or otherwise, to its members; or

(ii) the entity's constituent document providing for the entity to issue MCIs (within the meaning of the Corporations Act 2001 ) or to pay * dividends in respect of MCIs; or

(iii) the entity having issued one or more MCIs (within the meaning of the Corporations Act 2001 ) or having paid dividends in respect of one or more MCIs; and

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

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