Announcement date
25 February 2022
Link to announcement
https://www.legislation.gov.au/Details/F2022L00184
Problem being addressed
The Public Ancillary Fund Guidelines 2011 set out rules for public ancillary funds and their trustees if the funds are to be, or are to remain, endorsed as deductible gift recipients under the taxation law. A deductible gift recipient is an entity or fund that can receive tax deductible gifts. The guidelines were scheduled to sunset on 1 April 2022.
Proposal
The Department of the Treasury has certified that that the Public Ancillary Fund Guidelines 2011 were operating effectively and efficiently. As such, they have been remade without significant amendment, as the Taxation Administration (Public Ancillary Fund) Guidelines 2022. This proposal was guided by a public consultation process which occurred in November and December 2021.
Assessed RIS outcome
Sunsetting instrument
Regulatory Burden
Nil