TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-35 - REGISTRATION AND SIMILAR PROCESSES FOR VARIOUS TAXES  

Division 426 - Process of endorsing charities and other entities  

Subdivision 426-D - Public and private ancillary funds  

Guide to Subdivision 426-D

SECTION 426-100   WHAT THIS SUBDIVISION IS ABOUT  


This Subdivision deals with types of philanthropic trust funds known as public ancillary funds and private ancillary funds .

The Minister may make guidelines determining when ancillary funds are entitled to be endorsed as deductible gift recipients.

This Subdivision also provides for:

  • (a) penalties for trustees who fail to comply with the public ancillary fund guidelines or private ancillary fund guidelines (whichever are applicable), and the liability of directors of trustees to pay those penalties in certain circumstances; and
  • (b) powers for the Commissioner to suspend or remove trustees who breach their obligations.

  • TABLE OF SECTIONS
    TABLE OF SECTIONS
    Public ancillary funds
    426-102 Public ancillary funds
    426-103 Public ancillary fund guidelines
    426-104 Australian Business Register must show public ancillary fund status
    Private ancillary funds
    426-105 Private ancillary funds
    426-110 Private ancillary fund guidelines
    426-115 Australian Business Register must show private ancillary fund status
    Administrative penalties
    426-120 Administrative penalties for trustees of ancillary funds
    Suspension and removal of trustees
    426-125 Suspension or removal of trustees
    426-130 Commissioner to appoint acting trustee in cases of suspension or removal
    426-135 Terms and conditions of appointment of acting trustee
    426-140 Termination of appointment of acting trustee
    426-145 Resignation of acting trustee
    426-150 Property vesting orders
    426-155 Powers of acting trustee
    426-160 Commissioner may give directions to acting trustee
    426-165 Property vested in acting trustee - former trustees ' obligations relating to books, identification of property and transfer of property
    Transfers between ancillary funds
    426-170 Ancillary funds must not provide funds to other ancillary funds




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