Public ancillary fund

AA.A.AA

A trust is a public ancillary fund if it meets all of the following:

• It is a fund established and maintained under a will or instrument of trust solely for the purpose of providing money, property or benefits to DGRs or the establishment of DGRs.
• At least one of the following applies
  • Each trustee is a constitutional corporation.
  • The sole trustee is the Public Trustee of a state or territory or a prescribed trustee.
   
• Each trustee has agreed to comply with the rules in the public ancillary fund guidelines as in force from time to time.
• None of the trustees has revoked that agreement.

Transitional arrangements apply to public ancillary funds endorsed as DGRs before 1 January 2012. These funds:

• may generally retain non-corporate trustees
• are taken to have agreed to comply with the public ancillary fund guidelines from that date.

See also DGR & public ancillary funds.

Private ancillary fund

P.A.F

A trust is a private ancillary fund if it meets all of the following:

• It is a fund established and maintained under a will or instrument of trust solely for the purpose of providing money, property or benefits to DGRs or the establishment of DGRs.
• Each trustee is a constitutional corporation.
• Each trustee has agreed to comply with the rules in the private ancillary fund guidelines as in force from time to time.
• None of the trustees has revoked that agreement.

Private ancillary funds prescribed as DGRs before 1 October 2009 may retain non-corporate trustees (with certain exceptions)

See also Private ancillary funds.