A Have the fund's financial statements been audited or reviewed?
Each financial year the trustee must arrange for an auditor to audit the financial statements of the fund.
A public ancillary fund with revenue and assets of less than $1 million in a particular financial year may have its financial statements reviewed rather than audited, unless the Commissioner advises otherwise. The reviewer must meet the requirements provided in public AF guideline 28.1.1.
The audit must be finalised before the fund is required to lodge the return.
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For more information, refer to private AF guidelines 26, 27 and 28 and public AF guidelines 26, 27 and 28.
End of find out moreB Has there been a change to the fund's governing rules?
The trustee must let us know within 21 days of any change in the fund's deed or will, using the approved form:
- Notification of change to the governing rules of an endorsed private ancillary fund (NAT 73402)
- Notification of change to the governing rules of an endorsed public ancillary fund (NAT 74034)
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For more information, refer to private AF guideline 17 and public AF guideline 17.
End of find out moreC Has the market value of assets other than land been estimated as at the end of the financial year?
The trustee must have estimates of market value of the assets, other than land and buildings, current on 30 June 2015.
Estimates must be completed before the fund is required to lodge their return for the relevant financial year.
The market value must be estimated in accordance with the applicable ancillary fund guidelines and any other directions from us.
We consider that where there are circumstances that make the value apparent – for example, all assets of the company are in cash or listed shares – the trustee may use the market value established by the account balance for cash or the listed price of the shares.
However, we also consider that estimating the market value of shares in a private company is likely to be difficult or complex and so must be estimated by a certified and independent valuer or by the ATO.
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For more information, refer to private AF guidelines 20, 22 and 23 and public AF guidelines 20, 22 and 23.
End of find out moreGet it done
You can obtain a Request for valuation form from the ATO’s not-for-profit information line by phoning 1300 130 248.
End of get it doneD If land is held, has the market value of land been estimated by a certified and independent valuer within the last three financial years?
If your fund has not held any land, you are not required to answer this question.
End of attentionThe trustee must have estimates, which have been made within the last three financial years, of the market value of assets that are land, including buildings.
Estimates must be completed before the fund is required to lodge a return for the relevant financial year.
The market value must be estimated in accordance with the ancillary fund guidelines and any other directions from us, and must be made by a certified and independent valuer or by the ATO.
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For more information, refer to private AF guidelines 21, 22 and 23 and public AF guidelines 21, 22 and 23.
End of find out moreGet it done
You can obtain a Request for valuation form from the ATO’s not-for-profit information line by phoning 1300 130 248.
End of get it doneE Has the fund entered into a financial dealing with a person or entity associated with the founder or trustees of the fund?
Dealings with a founder, donor, trustee, director, officer, agent, member or employee of the trustee, or an associate of these entities must be at arm's length or on terms more favourable to the fund than would otherwise be expected under an arm's length transaction.
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For more information, refer to private AF guideline 36 and public AF guideline 36.
End of find out more