Private Ancillary Fund Guidelines 2009
Purpose and objects of the fundPurpose and objects of the fund
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Purpose and objects of the fund
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A *private ancillary fund must be established and maintained, under a will or an instrument of trust, as a valid trust under *State law or *Territory law.
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It must be established and maintained solely as described in item 2 in the table in section 30-15 of the Income Tax Assessment Act 1997.
10.1. Its governing rules must include objects that clearly set out and reflect the purpose of the fund.
10.2. Its governing rules must require that, on the fund winding up or ceasing to be a *private ancillary fund, its net assets must be provided as described in paragraph (a) of item 2 in the table in section 30-15 of the Income Tax Assessment Act 1997.
Note: Paragraph (a) of item 2 in the table in section 30-15 provides that the sole purpose of an ancillary fund must be to provide money, property or benefits: to a fund, authority or institution gifts to which are deductible under item 1 of that table; and for any purposes set out in an item in a table in Subdivision 30-B of the Income Tax Assessment Act 1997 that covers the fund, authority or institution.