Taxation Administration Act 1953

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 5 title inserted by No 73 of 2006 , s 3 and Sch 5 item 44, effective 1 July 2006.

Part 5-35 inserted by No 95 of 2004. No 95 of 2004, s 3 and Sch 10 item 44, contains the following transitional provision:

Div 426 inserted by No 95 of 2004. For transitional provision, see note under Part 5-35 heading.

Subdiv 426-D heading substituted by No 52 of 2024, s 3 and Sch 3 item 9, effective 29 June 2024. The heading formerly read:

Subdivision 426-D - Public and private ancillary funds

Subdiv 426-D heading substituted by No 147 of 2011, s 3 and Sch 8 item 12, effective 1 January 2012. For transitional provisions, see note under s 426-102. The heading formerly read:

Subdivision 426-D - Private ancillary funds

Subdiv 426-D inserted by No 88 of 2009, s 3 and Sch 2 item 22, effective 1 October 2009. No 88 of 2009, s 3 and Sch 2 items 25 to 31 contain the following transitional provisions:

Division 1 - Preliminary

25 Definitions  
25
In this Part:

commencement time
means the time at which this item commences. [ CCH Note: Commencement was 1 October 2009.]

constitutional corporation
has the meaning given by the Income Tax Assessment Act 1997 .

deductible gift recipient
has the meaning given by the Income Tax Assessment Act 1997 .

prescribed private fund
has the meaning given by the Income Tax Assessment Act 1997 (as in force just before the commencement time).

private ancillary fund
has the meaning given by section 426-105 in Schedule 1 to the Taxation Administration Act 1953 .

private ancillary fund guidelines
has the meaning given by section 426-110 in Schedule 1 to the Taxation Administration Act 1953 .

Division 2 - Declared prescribed private funds

26 Transitional - prescribed private fund declarations  
26(1)
The Minister may, by legislative instrument, declare a trust to be a prescribed private fund.

26(2)
Despite subsection 12(2) of the Legislative Instruments Act 2003 , the declaration has effect during the period:

(a) starting at the time specified in the declaration, which must be before the commencement time; and

(b) ending just before the commencement time.

Division 3 - Transitional private ancillary funds

27 Application of Division  
27
This Division applies to a trust if, just before the commencement time, the trust was a prescribed private fund (whether or not because of a declaration made under item 26). 28 Transitional - trustees need not be constitutional corporations  
28
Paragraph 426-105(1)(a) (trustees of private ancillary funds must be constitutional corporations) and sections 426-125 to 426-165 (Suspension and removal of trustees) in Schedule 1 to the Taxation Administration Act 1953 do not apply to the trust during the period:

(a) starting at the commencement time; and

(b) ending at the earlier of the following:

(i) the time (at or after the commencement time) the trust first satisfies the requirements of that paragraph (disregarding this item);

(ii) the first time any of the trustees of the trust revoke the agreement mentioned in item 29 in accordance with subsection 426-105(2) in that Schedule.

29 Transitional - agreement to comply with private ancillary fund guidelines  
29(1)
For the purposes of Subdivision 426-D in Schedule 1 to the Taxation 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.

29(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.
30 Transitional - endorsement as a deductible gift recipient  
30(1)
The trust is taken to have been endorsed as a deductible gift recipient under section 30-120 of the Income Tax Assessment Act 1997 at the commencement time.

30(2)
To avoid doubt, subitem (1) does not prevent the Commissioner from revoking that endorsement at a later time under section 426-55 in Schedule 1 to the Taxation Administration Act 1953 .
31 Transitional - transfer of property  
31
For the purposes of item 2 of the column headed " Recipient " of the table in subsection 30-15(2) of the Income Tax Assessment Act 1997 , disregard a transfer of all of the property of the trust to another private ancillary fund if:

(a) the other fund is a deductible gift recipient; and

(b) every trustee of the other fund is a constitutional corporation; and

(c) the transfer happens during the period mentioned in item 28.

S 426-120(1) amended by No 52 of 2024, s 3 and Sch 3 items 13 and 14, by substituting " *ancillary or community charity trust fund " for " *ancillary fund " in para (a) and inserting the note, effective 29 June 2024.

S 426-120(1) amended by No 147 of 2011, s 3 and Sch 8 item 19, by substituting " an *ancillary fund " for " a *private ancillary fund " in para (b), effective 1 January 2012. For transitional provisions see note under s 426-102.

S 426-120(2) amended by No 76 of 2023, s 3 and Sch 2 item 737, by omitting " of Chapter 5D " before " the Corporations Act 2001 " from para (b)(ii), effective 20 October 2023.

S 426-120(2) amended by No 147 of 2011, s 3 and Sch 8 item 20, by substituting " neither a licensed trustee company (within the meaning of Chapter 5D of the Corporations Act 2001 ) nor the Public Trustee of a State or Territory " for " not a registered trustee company " in para (b)(ii), effective 1 January 2012. For transitional provisions see note under s 426-102.

S 426-120(3) substituted by No 52 of 2024, s 3 and Sch 3 item 15, effective 29 June 2024. S 426-120(3) formerly read:

426-120(3)
The amount of the penalty is:
(a) the amount specified in the *public ancillary fund guidelines under paragraph 426-103(b), or the *private ancillary fund guidelines under paragraph 426-110(b), whichever are applicable; or
(b) the amount worked out in accordance with the method specified under that paragraph.

The guidelines may specify different penalties or methods for different circumstances.

S 426-120(3) amended by No 147 of 2011, s 3 and Sch 8 item 21 and 22, by substituting para (a) and substituting " guidelines may " for " private ancillary fund guidelines may " , effective 1 January 2012. For transitional provisions see note under s 426-102. Para (a) formerly read:

(a) the amount specified in the *private ancillary fund guidelines under paragraph 426-110(b) ; or

S 426-120 inserted by No 88 of 2009, s 3 and Sch 2 item 22, effective 1 October 2009. For transitional provisions, see note under Subdiv 426-D heading.