sec.76Distribution of surplus property

sec.76 Distribution of surplus property

This section applies if— either— a foundation is dissolved; or the endorsement of a foundation as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked; and there is property ( surplus property ) of the foundation remaining after satisfaction of the debts and liabilities of the foundation. The surplus property must be given or transferred to an entity— that has objects similar to the foundation; and is a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) . (sec.76-ssec.1) This section applies if— either— a foundation is dissolved; or the endorsement of a foundation as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked; and there is property ( surplus property ) of the foundation remaining after satisfaction of the debts and liabilities of the foundation. (sec.76-ssec.2) The surplus property must be given or transferred to an entity— that has objects similar to the foundation; and is a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) .

• (a) either— (i) a foundation is dissolved; or (ii) the endorsement of a foundation as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked; and
• (i) a foundation is dissolved; or
• (ii) the endorsement of a foundation as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked; and
• (b) there is property ( surplus property ) of the foundation remaining after satisfaction of the debts and liabilities of the foundation.
• (i) a foundation is dissolved; or
• (ii) the endorsement of a foundation as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked; and
• (a) that has objects similar to the foundation; and
• (b) is a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) .