Tax Laws Amendment (2009 Measures No. 4) Act 2009 (88 of 2009)

Schedule 2   Private ancillary funds

Part 1   Amendments commencing on 1 October 2009

Income Tax Assessment Act 1997

7   Subsection 30-125(1)

Repeal the subsection, substitute:

Endorsement of an entity that is a fund, authority or institution

(1) An entity is entitled to be endorsed as a*deductible gift recipient if:

(a) the entity has an*ABN; and

(b) the entity is a fund, authority or institution that:

(i) is described (but not by name) in item 1, 2 or 4 of the table in section 30-15; and

(ii) is not described by name in Subdivision 30-B if it is described in item 1 of that table; and

(iii) meets the relevant conditions (if any) identified in the column headed "Special conditions" of the item of that table in which it is described; and

(c) the entity meets the requirements of subsection (6), unless:

(i) the entity is established by an Act; and

(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and

(d) in the case of a*private ancillary fund:

(i) the fund complies with the rules in the*private ancillary fund guidelines; and

(ii) all of the trustees of the fund comply with those rules.