Taxation Administration (Private Ancillary Fund) Guidelines 2019
8General principles
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8 General principles
A *private ancillary fund must be established, maintained and wound up in accordance with the following principles: (a) it is an *ancillary fund; and (b) it is philanthropic in character; and (c) it is a vehicle for private philanthropy; and (d) it is a trust that meets all of the following: (i) it seeks to comply with all relevant laws and obligations; and (ii) it is open, transparent and accountable to the public (through the Commissioner of Taxation, and if it is a *registered charity, the Commissioner of the Australian Charities and Not‑for‑profits Commission).
Note: This section is not intended to affect either Commissioner’s obligations to protect the confidentiality of a private ancillary fund’s information under privacy, and secrecy and disclosure laws.