51
CurrentDistribution of relevant assets on revocation of endorsement as deductible gift recipient
Schedule 4Model rules
51 Distribution of relevant assets on revocation of endorsement as deductible gift recipient
(1)
This rule applies if an association’s endorsement as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked under that Act.
(2)
The association must transfer the association’s relevant assets to another entity that has been endorsed as a deductible gift recipient under that Act.
(3)
In this rule—
relevant assets, of an association, see rule 50.
surplus assets see section 92(3) of the Act.
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