Taxation Administration (Public Ancillary Fund) Guidelines 2022 (Cth)

Taxation Administration (Public Ancillary Fund) Guidelines 2022

I, Michael Sukkar, Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, make the following guidelines.

Dated 17 February 2022

Michael Sukkar Assistant Treasurer Minister for Housing Minister for Homelessness, Social and Community Housing

Contents Part 1—Preliminary 1 Name 2 Commencement 3 Authority 4 Schedules 5 Interpretation 6 Penalties Part 2—Rules for establishing and maintaining public ancillary funds as deductible gift recipients Division 1—General 7 Object of this Part 8 General principles Division 2—Establishing a public ancillary fund 9 Purpose and objects of the fund 10 Not‑for‑profit 11 Operated only in Australia 12 Trustees 13 Change to governing rules 14 Trustee liability Division 3—Operation of a public ancillary fund 15 Minimum annual distribution 16 Valuations 17 Keeping accounts 18 Financial statements 19 Audits 20 Investment strategy 21 Investment limitations 22 Uncommercial transactions and benefits to founders and donors 23 Fees and expenses 24 Donors 25 Compliance with all relevant laws Division 4—Winding up, or ceasing to be, a public ancillary fund 26 Winding up, or ceasing to be, a public ancillary fund 27 Portability Part 3—Application and transitional provisions Division 1—Transitional rules for pre‑2012 public ancillary funds 28 Governing rules inconsistent with these guidelines Division 2—Things done under the Public Ancillary Fund Guidelines 2011 29 Things done under the Public Ancillary Fund Guidelines 2011 Division 3—Transitional rule: coronavirus economic response 30 Carry forward credit for distributions in excess of minimum Schedule 1—Amendments Public Ancillary Fund Guidelines 2011 Taxation Administration (Private Ancillary Fund) Guidelines 2019