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  • Requirements for endorsement

    For a public AF to be endorsed as a DGR it must meet the following requirements:

    • have an Australian business number (ABN)
    • be in Australia
    • comply with the rules in the Public Ancillary Fund Guidelines 2011 and all of the trustees of the fund must comply with these rules
    • have acceptable rules for the transfer of surplus gifts and deductible contributions on winding-up or revocation of endorsement
    • fall within the DGR category for public AFs.

    It must also have following characteristics:

    • It is a 'fund'.
    • It is established and maintained under a will or an instrument of trust.
    • It is established and operated on a not-for-profit basis.
    • It is allowed, by the terms of the will or instrument of trust, to invest money in ways that an Australian law allows trustees to invest trust money.
    • It is established and maintained solely for the purpose of providing money, property or benefits to DGRs (except other private ancillary funds or public AFs) or the establishment of such DGRs.
    • At least one of the following applies     
      • each of its trustees is a constitutional corporation
      • the only trustee is a Public Trustee of a state or territory
      • the trustees are prescribed by regulation.
    • Each trustee has agreed, in the approved form, to comply with the rules in the Public Ancillary Fund Guidelines 2011 and none of the trustees has revoked that agreement.

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      Last modified: 23 Jul 2020QC 25252