Income Tax Assessment Act 1997
The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund ):
(a) to which gifts of money or property for that purpose are to be made; and
(b) to which contributions described in item 7 or 8 of the table in section 30-15 in relation to a *fund-raising event held for that purpose are to be made; and
(c) to which any money received by the entity because of such gifts or contributions is to be credited; and
(d) that does not receive any other money or property. 30-130(2)
The entity must use the gift fund only for the principal purpose of the fund, authority or institution. Exception - only one gift fund required per entity 30-130(3)
An entity that operates 2 or more funds, authorities or institutions also meets the requirements of this section for 2 or more of those funds, authorities or institutions by maintaining a single gift fund if:
(a) the gift fund meets the requirements in paragraphs (1)(a), (b) and (c) in respect of each of the funds, authorities or institutions for which the gift fund is maintained; and
(b) the gift fund does not receive any other money or property.
The entity must use a gift or contribution made to the fund and any money credited to the fund only for the principal purpose of the fund, authority or institution to which the gift, contribution or money relates.
The entity is also required to keep appropriate records for each of the funds, authorities or institutions: see section 382-15 of the Taxation Administration Act 1953.
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