Document ID: chunk:federal_register_of_legislation:C2024A00052:clause:3_10
Version: federal_register_of_legislation:C2024A00052
Segment Type: clause
Provision Reference: sch 3 cl 10
Character Range: 22364–23108

10  Section 426‑100 in Schedule 1
Repeal the section, substitute:

426‑100  What this Subdivision is about

      This Subdivision deals with types of philanthropic trust funds known as public ancillary funds, private ancillary funds and community charity trusts.
      The Minister must make guidelines determining when such trust funds are entitled to be endorsed as deductible gift recipients.
      This Subdivision also provides for:
             (a) penalties for trustees who fail to comply with the applicable trust fund guidelines, and the liability of directors of trustees to pay those penalties in certain circumstances; and
             (b) powers for the Commissioner to suspend or remove trustees who breach their obligations.