Public Ancillary Fund Guidelines 2011
TRANSITIONAL RULE: CORONAVIRUS ECONOMIC TRANSITIONAL RULE: CORONAVIRUS ECONOMIC RESPONSE—CARRY FORWARD CREDIT FOR DISTRIBUTIONS IN EXCESS OF MINIMUM
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TRANSITIONAL RULE: CORONAVIRUS ECONOMIC RESPONSE—CARRY FORWARD CREDIT FOR DISTRIBUTIONS IN EXCESS OF MINIMUM
- This guideline applies to a *public ancillary fund if the fund exceeds its annual minimum distribution for the *financial years 2019-20 to 2020-21, as calculated under guideline 57.1, by more than 4.
57.1. Work out how much a *public ancillary fund exceeds its annual minimum distribution for the *financial years 2019-20 to 2020-21 as follows:
Method statement
Step 1. Work out the fund’s actual distribution for the 2019-20 financial year by dividing the fund’s distributions made in that financial year by the *market value of the fund’s net assets (as at the end of the previous financial year). The result should be expressed as a percentage and rounded to the nearest whole number.
Step 2. Work out the fund’s actual distribution for the 2020-21 financial year by dividing the fund’s distributions made in that financial year by the market value of the fund’s net assets (as at the end of the previous financial year). The result should be expressed as a percentage and rounded to the nearest whole number.
Step 3. Add the result of step 1 with the result of step 2.
Step 4. Reduce the result of step 3 by 8, but not so as to reduce the result to an amount less than nil. The result is how much a *public ancillary fund exceeds its annual minimum distribution for the financial years 2019-20 to 2020-21.
57.2. Where this guideline applies, the minimum annual distribution rate for a *public ancillary fund for the purposes of guideline 19 for a *financial year covered by guideline 57.3 is 3 per cent.
57.3. The following are the *financial years covered by this guideline for a *public ancillary fund:
• the 2021-22 financial year; and
• the 2022-23 financial year; and
• a subsequent financial year or years for each amount of 2 the result of the method statement in guideline 57.1 exceeds 4.
Example: If the result of the method statement is 7 for a public ancillary fund, the 2023‑24 financial year is also covered by this guideline.