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  • Ancillary funds

    Type and Item no

    Requirements

    Public ancillary fund

    AA.A.AA

    A trust is a public ancillary fund if it meets all of the following:

    • it is a fund established and maintained under a will or instrument of trust solely for the purpose of providing money, property or benefits to DGRs or the establishment of DGRs
    • at least one of the following applies:  
      • each trustee is a constitutional corporation
      • the sole trustee is the Public Trustee of a State or Territory or a prescribed trustee
       
    • each trustee has agreed to comply with the rules in the public ancillary fund guidelines as in force from time to time
    • none of the trustees has revoked that agreement.

    Transitional arrangements apply to public ancillary funds endorsed as DGRs before 1 January 2012. These funds:

    • may generally retain non-corporate trustees
    • are taken to have agreed to comply with the public ancillary fund guidelines from that date.

    See also:

     

    Private ancillary fund

    P.A.F

    A trust is a private ancillary fund if it meets all of the following:

    • it is a fund established and maintained under a will or instrument of trust solely for the purpose of providing money, property or benefits to DGRs or the establishment of DGRs
    • each trustee is a constitutional corporation
    • each trustee has agreed to comply with the rules in the private ancillary fund guidelines as in force from time to time
    • none of the trustees has revoked that agreement.

    Private ancillary funds prescribed as DGRs before 1 October 2009 may retain non-corporate trustees (with certain exceptions).

    See also:

     

      Last modified: 19 Jun 2017QC 52593