TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 5 - Administration
A trust is a public ancillary fund if:
(a) at least one of the following subparagraphs applies:
(i) each trustee of the trust is a *constitutional corporation;
(ii) the only trustee of the trust is the Public Trustee of a State or Territory, or each trustee of the trust is prescribed by the regulations for the purposes of this subparagraph; and
(b) each trustee of the trust has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *public 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).
A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the *approved form. 426-102(3)
Sections 426-125 to 426-165 do not apply to a *public ancillary fund if subparagraph (1)(a)(ii) of this section applies to the fund.
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