9Purpose and objects of the fund

9 Purpose and objects of the fund

(1) A *private ancillary fund must be established and maintained, under a will or an instrument of trust, as a valid trust. (2) A *private ancillary fund must be established and maintained solely as described in item 2 of the table in section 30‑15 of the Income Tax Assessment Act 1997. (3) A *private ancillary fund’s governing rules must: (a) include objects that clearly set out the purposes of the fund; and (b) require that, on the fund winding up or ceasing to be a private ancillary fund, its net assets must be provided to a recipient described in paragraph (a) of item 2 of the table in section 30‑15 of the Income Tax Assessment Act 1997.

Note: Paragraph (a) of item 2 of 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.