Tax Laws Amendment (2009 Measures No. 4) Act 2009 (88 of 2009)

Schedule 2   Private ancillary funds

Part 3   Transitional provisions

Division 3   Transitional private ancillary funds

29   Transitional - agreement to comply with private ancillary fund guidelines

(1) For the purposes of Subdivision 426-D in Schedule 1 to theTaxation Administration Act 1953, each of the trustees of the trust is taken to have agreed, at the commencement time and in accordance with paragraph 426-105(1)(b) in that Schedule, to comply with the rules in the private ancillary fund guidelines, as in force from time to time.

(2) To avoid doubt, subitem (1) does not prevent a trustee from revoking that agreement at a later time as mentioned in paragraph 426-105(1)(c) in that Schedule.