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

40   Transitional provision - agreement to comply with public ancillary fund guidelines

(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 426-102(1)(b) in that Schedule, to comply with the rules in the public ancillary fund guidelines, as in force from time to time.

(2) To avoid doubt, subitem (1) does not prevent a trustee from revoking that agreement at a later time as mentioned in paragraph 426-102(1)(c) in that Schedule.