Tax Laws Amendment (2011 Measures No. 7) Act 2011 (147 of 2011)

Schedule 8   Ancillary funds

Part 1   Public ancillary funds

Division 3   Transitional provisions

41   Transitional provision - transfer of property

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 public ancillary fund if:

(a) the other fund is a deductible gift recipient; and

(b) at least one of the following subparagraphs applies:

(i) every trustee of the other fund is a *constitutional corporation;

(ii) the only trustee of the other fund is the Public Trustee of a State or Territory, or is prescribed by the regulations for the purposes of subparagraph 426-102(1)(a)(ii) in Schedule 1 to the Taxation Administration Act 1953; and

(c) the transfer happens during the period mentioned in item 39.