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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.

    Next steps:

    See also:

      Last modified: 12 Oct 2016QC 25252