The Public Ancillary Fund Guidelines 2022 have now been published on the Federal Register of Legislation, and came into effect on 25 February 2022. They set the minimum standards for the governance and conduct of a public ancillary fund and its trustee.
The 2022 Guidelines remake the 2011 Guidelines with no changes made to existing substantive requirements. Language has been simplified with some restructured provisions for ease of comprehension and navigation, to align with the Private Ancillary Fund Guidelines 2019. The only significant change made, is the inclusion of a merits review of the Commissioner of Taxation’s decisions on applications for a lower minimum annual distribution rate. This is delivering on the Government’s intention to have administrative decisions subject to independent review.
To view the Public Ancillary Fund Guidelines in full, click HERE
To view ATO information about Public Ancillary Funds, click HERE
