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Taxation Administration (Private Ancillary Fund) Guidelines 2019
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Administered by
Department of the Treasury
This item is authorised by the following title:
Taxation Administration Act 1953
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F2022C00244 C02
25 February 2022
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Part 1—Preliminary
1 Name
3 Authority
4 Schedules
5 Interpretation
6 Penalties
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Part 2—Rules for establishing and maintaining private ancillary funds as deductible gift recipients
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Division 1—General
7 Object of this Part
8 General principles
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Division 2—Establishing a private 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
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Division 3—Operation of a private ancillary fund
15 Minimum annual distribution
(11) A *private ancillary fund that is dissatisfied with a decision of the Commissioner covered by subsection (12) may object against the decision in the manner set out in Part IVC of the Act. (12) This subsection covers the following decisions of the Commissioner: (a) a decision not to reduce the annual distribution rate under subsection (7) (after receiving an application as described in that subsection); (b) a decision not to reduce the annual distribution rate under subsection (7) to extent requested in an application (as described in that subsection); (c) a decision to impose a condition on access to a reduced annual distribution rate under subsection (7). 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
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Division 4—Winding up, or ceasing to be, a private ancillary fund
26 Winding up, or ceasing to be, a private ancillary fund
27 Converting a private ancillary fund into a public ancillary fund
28 Portability
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Part 3—Application and transitional provisions
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Division 1—Transitional rules for former prescribed private funds
29 Governing rules inconsistent with these guidelines
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Division 2—Things done under the Private Ancillary Fund Guidelines 2009
30 Things done under the Private Ancillary Fund Guidelines 2009
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Division 3—Transitional rule: coronavirus economic response
31 Carry forward credit for distributions in excess of minimum
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history