Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (52 of 2024)

Schedule 3   New class of deductible gift recipients

Part 2   Amendment of the Taxation Administration Act 1953

Taxation Administration Act 1953

11   After section 426-115 in Schedule 1

Insert:

Community charity trusts

426-117 Community charity trusts

(1) A trust is a community charity trust if:

(a) the trust is specified in a declaration in force under subsection (3); and

(b) each trustee of the trust is a *constitutional corporation; and

(c) each trustee has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *community charity trust guidelines, as in force from time to time; and

(d) none of the trustees has revoked that agreement in accordance with subsection (2).

(2) A trustee may revoke an agreement mentioned in paragraph (1)(c) only by giving the revocation to the Commissioner in the *approved form.

(3) The Minister may, by legislative instrument, declare one or more trusts for the purposes of paragraph (1)(a).

426-118 Community charity trust guidelines

The Minister must, by legislative instrument, formulate guidelines (the community charity trust guidelines ) setting out:

(a) rules that *community charity trusts and their trustees must comply with if the trusts are to be, or are to remain, endorsed as *deductible gift recipients; and

(b) the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426-120(1) in relation to community charity trusts.

426-119 Australian Business Register must show community charity trust status

(1) If a *community charity trust has an *ABN, the *Australian Business Registrar must enter in the *Australian Business Register in relation to the trust a statement that it is a community charity trust.

Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether a trust is a community charity trust.

Note 2: The Australian Business Register will also show if a community charity trust is endorsed as a deductible gift recipient: see section 30-229 of the Income Tax Assessment Act 1997.

(2) The *Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the *Australian Business Register under this section is true. For this purpose, the Registrar may:

(a) change the statement; or

(b) remove the statement from the Register if the statement is not true.