Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
A trust is a private ancillary fund if:
(a) each trustee of the trust is a *constitutional corporation; and
(b) each trustee has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *private ancillary fund guidelines, as in force from time to time; and
(c) none of the trustees has revoked that agreement in accordance with subsection (2). 426-105(2)
A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the *approved form.
Note: See section 3AA .
Chapter 5 - Administration
PART 5-35
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REGISTRATION AND SIMILAR PROCESSES FOR VARIOUS TAXES
Division 426
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Process of endorsing charities and other entities
Subdivision 426-D
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Public and private ancillary funds
Private ancillary funds
SECTION 426-105
PRIVATE ANCILLARY FUNDS
426-105(1)
A trust is a private ancillary fund if:
(a) each trustee of the trust is a *constitutional corporation; and
(b) each trustee has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *private ancillary fund guidelines, as in force from time to time; and
(c) none of the trustees has revoked that agreement in accordance with subsection (2). 426-105(2)
A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the *approved form.
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