Subdiv 426-D heading amended by No 86 of 2026, s 3 and Sch 7 item 15(3), by substituting
"
Giving
"
for
"
Ancillary
"
, effective 1 October 2026. For application provisions, see note under s
355-65(8)
.
Subdiv 426-D heading substituted by No 52 of 2024, s 3 and Sch 3 item 9, effective 29 June 2024. The heading formerly read:
Subdivision 426-D
-
Public and private ancillary funds
Subdiv 426-D heading substituted by No 147 of 2011, s 3 and Sch 8 item 12, effective 1 January 2012. For transitional provisions, see note under s 426-102. The heading formerly read:
Subdivision 426-D
-
Private ancillary funds
Subdiv 426-D inserted by No 88 of 2009, s 3 and Sch 2 item 22, effective 1 October 2009. No 88 of 2009, s 3 and Sch 2 items 25 to 31 contain the following transitional provisions:
Division 1
-
Preliminary
25 Definitions
25
In this Part:
commencement time
means the time at which this item commences. [CCH Note: Commencement was 1 October 2009.]
constitutional corporation
has the meaning given by the
Income Tax Assessment Act 1997
.
deductible gift recipient
has the meaning given by the
Income Tax Assessment Act 1997
.
prescribed private fund
has the meaning given by the
Income Tax Assessment Act 1997
(as in force just before the commencement time).
private ancillary fund
has the meaning given by section
426-105
in Schedule
1
to the
Taxation Administration Act 1953
.
private ancillary fund guidelines
has the meaning given by section
426-110
in Schedule
1
to the
Taxation Administration Act 1953
.
Division 2
-
Declared prescribed private funds
26 Transitional
-
prescribed private fund declarations
26(1)
The Minister may, by legislative instrument, declare a trust to be a prescribed private fund.
26(2)
Despite subsection
12(2)
of the
Legislative Instruments Act 2003
, the declaration has effect during the period:
(a)
starting at the time specified in the declaration, which must be before the commencement time; and
(b)
ending just before the commencement time.
Division 3
-
Transitional private ancillary funds
27 Application of Division
27
This Division applies to a trust if, just before the commencement time, the trust was a prescribed private fund (whether or not because of a declaration made under item 26).
28 Transitional
-
trustees need not be constitutional corporations
28
Paragraph
426-105(1)(a)
(trustees of private ancillary funds must be constitutional corporations) and sections
426-125
to
426-165
(Suspension and removal of trustees) in Schedule
1
to the
Taxation Administration Act 1953
do not apply to the trust during the period:
(a)
starting at the commencement time; and
(b)
ending at the earlier of the following:
(i)
the time (at or after the commencement time) the trust first satisfies the requirements of that paragraph (disregarding this item);
(ii)
the first time any of the trustees of the trust revoke the agreement mentioned in item 29 in accordance with subsection
426-105(2)
in that Schedule.
29 Transitional
-
agreement to comply with private ancillary fund guidelines
29(1)
For the purposes of Subdivision
426-D
in Schedule
1
to the
Taxation Administration Act 1953
, each of the trustees of the trust is taken to have agreed, at the commencement time and in accordance with paragraph
426-105(1)(b)
in that Schedule, to comply with the rules in the private ancillary fund guidelines, as in force from time to time.
29(2)
To avoid doubt, subitem (1) does not prevent a trustee from revoking that agreement at a later time as mentioned in paragraph
426-105(1)(c)
in that Schedule.
30 Transitional
-
endorsement as a deductible gift recipient
30(1)
The trust is taken to have been endorsed as a deductible gift recipient under section
30-120
of the
Income Tax Assessment Act 1997
at the commencement time.
30(2)
To avoid doubt, subitem (1) does not prevent the Commissioner from revoking that endorsement at a later time under section
426-55
in Schedule
1
to the
Taxation Administration Act 1953
.
31 Transitional
-
transfer of property
31
For the purposes of item 2 of the column headed
"
Recipient
"
of the table in subsection
30-15(2)
of the
Income Tax Assessment Act 1997
, disregard a transfer of all of the property of the trust to another private ancillary fund if:
(a)
the other fund is a deductible gift recipient; and
(b)
every trustee of the other fund is a constitutional corporation; and
(c)
the transfer happens during the period mentioned in item 28.
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