Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_27
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 27
Character Range: 36724–38051

27  Portability
 (1) With the agreement of the Commissioner, a *public ancillary fund may transfer assets to another *ancillary fund if:
 (a) the public ancillary fund does one of the following:
 (i) if the public ancillary fund operates sub‑funds—the fund transfers all of the net assets of one of more sub‑funds to that ancillary fund; or
 (ii) otherwise—transfers all of its net assets to that ancillary fund; and
 (b) the public ancillary fund has already complied with section 15 for that financial year (about minimum annual distributions); and
 (c) none of the net assets referred to in paragraph (a) have been received from another ancillary fund during the 2 previous financial years.
 (2) The Commissioner must not agree to a transfer of assets under subsection (1) if the transfer involves transferring assets contributed, either directly or indirectly, by the general public from a public ancillary fund to a private ancillary fund.

Part 3—Application and transitional provisions

Division 1—Transitional rules for pre‑2012 public ancillary funds
Note: This Division sets out transitional rules modifying how Part 2 applies to a public ancillary fund that was endorsed as a deductible gift recipient under item 2 in the table in section 30‑15 of the Income Tax Assessment Act 1997 at the end of 30 December 2011.