Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_8
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 8
Character Range: 5818–6660

8  General principles
  A *public ancillary fund must be established, maintained and wound up in accordance with the following principles:
 (a) it is an *ancillary fund; and
 (b) it is philanthropic in character; and
 (c) it is a vehicle for philanthropy; and
 (d) it is a trust that meets all of the following:
 (i) it seeks to comply with all relevant laws and obligations; and
 (ii) it is open, transparent and accountable to the public (through the Commissioner of Taxation, and if it is a *registered charity, the Commissioner of the Australian Charities and Not‑for‑profits Commission).
Note: This section is not intended to affect either Commissioner's obligations to protect the confidentiality of a public ancillary fund's information under privacy, and secrecy and disclosure laws.

Division 2—Establishing a public ancillary fund