Introduction

For an ancillary fund to be entitled to endorsement as a deductible gift recipient (DGR), section 30-125 Entitlement to endorsement in the Income Tax Assessment Act 1997 (ITAA 1997) requires that the fund and the trustees comply with the rules in the private AF guidelines or public AF guidelines (whichever is applicable).

Private ancillary fund guidelines 2009

The Private ancillary fund guidelines 2009 (private AF guidelines), a legislative instrument formulated by the minister, took effect on 1 October 2009.

The private AF guidelines set out the rules private AFs and the trustees must comply with if the funds are to be, or are to remain, endorsed as a DGR. They also set out the amount of the administrative penalty, or how to work out the amount of the administrative penalty.

The rules supplement or extend those in tax law and address such issues as distribution, valuation, accounts and documents that a trustee may have to provide to us.

Public ancillary fund guidelines 2011

The Public ancillary fund guidelines 2011 (public AF guidelines), a legislative instrument formulated by the minister, took effect on 1 January 2012.

The public AF guidelines set out the rules public AFs and the trustees must comply with if the funds are to be, or are to remain, endorsed as a DGR. They also set out the amount of the administrative penalty, or how to work out the amount of the administrative penalty.

The rules supplement or extend those in tax law and address such issues as distribution, valuation, accounts and documents that a trustee may have to provide to us.