Document ID: chunk:federal_register_of_legislation:C2025A00016:clause:6_292fae
Version: federal_register_of_legislation:C2025A00016
Segment Type: clause
Provision Reference: sch 6 cl 292FAE
Character Range: 285316–287037

292FAE  Permitted credits to federal account for significant third party, associated entity or third party: capped amounts of subscriptions etc.
 (1) For the purposes of subparagraph 292FA(4)(b)(ii), the following amounts paid by a person or entity (the payer) may be credited in a calendar year to a federal account kept for the purposes of this Part in relation to a person or entity (the account beneficiary) covered by column 2 of item 5, 6 or 8 of the table in subsection 292FA(1):
 (a) a subscription paid in respect of the payer's membership of the account beneficiary;
 (b) an amount paid in respect of the payer's affiliation with the account beneficiary;
 (c) if the payer is an elected official or employee of the account beneficiary—an annual levy paid by the payer to the account beneficiary.
Note: Amounts covered by paragraphs (a) to (c) that are credited to a federal account are gifts: see subsection 287AAB(4). Subdivision E of Division 4 imposes disclosure obligations in relation to gifts.
 (2) However, the sum of amounts paid by the payer that are covered by subsection (1) and credited in a calendar year to federal accounts kept for the purposes of this Part in relation to the account beneficiary must not exceed:
 (a) if the significant third party, associated entity or third party is a peak representative body—4 times the annual gift cap (within the meaning of Division 3A) for the calendar year; or
 (b) otherwise—the annual gift cap (within the meaning of Division 3A) for the calendar year.
Note: Amounts covered by subsection (1) that are credited to a federal account are gifts: see subsection 287AAB(4). Subdivision E of Division 4 imposes disclosure obligations in relation to gifts.