Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p21
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 21/39)
Character Range: 1865260–1868152

426‑120 Administrative penalties for trustees of ancillary funds

Suspension and removal of trustees
426‑125 Suspension or removal of trustees
426‑130 Commissioner to appoint acting trustee in cases of suspension or removal
426‑135 Terms and conditions of appointment of acting trustee
426‑140 Termination of appointment of acting trustee
426‑145 Resignation of acting trustee
426‑150 Property vesting orders
426‑155 Powers of acting trustee
426‑160 Commissioner may give directions to acting trustee
426‑165 Property vested in acting trustee—former trustees' obligations relating to books, identification of property and transfer of property

Limitation on certain transfers
426‑170 Limitation on ancillary and community charity trust funds making certain transfers

Public ancillary funds

426‑102  Public ancillary funds
 (1) 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).
 (2) A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the *approved form.
 (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.

426‑103  Public ancillary fund guidelines
  The Minister must, by legislative instrument, formulate guidelines (the public ancillary fund guidelines) setting out:
 (a) rules that *public ancillary funds and their trustees must comply with if the funds are to be, or are to remain, endorsed as *deductible gift recipients; and
 (b) the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426‑120(1) in relation to public ancillary funds.

426‑104  Australian Business Register must show public ancillary fund status
 (1) If a *public ancillary fund has an *ABN, the *Australian Business Registrar must enter in the *Australian Business Register in relation to the fund a statement that it is a public ancillary fund.
Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether a trust is a public ancillary fund.
Note 2: The Australian Business Register will also show if a public ancillary fund is endorsed as a deductible gift recipient: see section 30‑229 of the Income Tax Assessment Act 1997.
 (2) The *Australian Business Registrar must take