Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_9
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 6660–7601

9  Purpose and objects of the fund
 (1) A *public ancillary fund must be established and maintained, under a will or an instrument of trust, as a valid trust.
 (2) A *public ancillary fund must be established and maintained solely as described in item 2 of the table in section 30‑15 of the Income Tax Assessment Act 1997.
 (3) A *public ancillary fund's governing rules must:
 (a) include objects that clearly set out the purposes of the fund; and
 (b) require that, on the fund winding up or ceasing to be a public ancillary fund, its net assets must be provided to a recipient described in paragraph (a) of item 2 of the table in section 30‑15 of the Income Tax Assessment Act 1997.
Note: Paragraph (a) of item 2 of the table in section 30‑15 provides that the sole purpose of an ancillary fund must be to provide money, property or benefits to a fund, authority or institution, gifts to which are deductible under item 1 of that table.