Document ID: chunk:federal_register_of_legislation:C2021A00110:clause:1_14
Version: federal_register_of_legislation:C2021A00110
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 6793–7876

14  Transitional—existing deductible gift recipients
(1) This item applies if:
 (a) immediately before the application date, gifts or contributions to a fund, authority or institution were deductible because the fund, authority or institution satisfied a requirement of Division 30 of the Income Tax Assessment Act 1997; and
 (b) at that date, the fund, authority or institution no longer satisfies the requirement because of the amendments made by Part 1 of this Schedule (disregarding this item).
(2) The amendments made by this Schedule do not apply in relation to the fund, authority or institution during the period that:
 (a) starts on the application date; and
 (b) ends on the earliest of:
 (i) the time at which the fund, authority or institution first satisfies the requirement mentioned in subitem (1) (as amended by this Schedule); and
 (ii) if the fund, authority or institution does not have an extended application date—the transitional application date; and
 (iii) if the fund, authority or institution has an extended application date—the extended application date.