Commonwealth Consolidated Acts Commonwealth Consolidated ActsEndorsement of an entity that is a fund, authority or institution
(1) An entity is entitled to be endorsed as a * deductible gift recipient if:
(a) the entity has an * ABN; and
(b) the entity is a fund, authority or institution that:
(i) is described (but not by name) in item 1, 2 or 4 of the table in section 30 - 15; and
(ii) is not described by name in Subdivision 30 - B if it is described in item 1 of that table; and
(iii) meets the relevant conditions (if any) identified in the column headed "Special conditions" of the item of that table in which it is described; and
(c) the entity meets the requirements of subsection (6), unless:
(i) the entity is established by an Act; and
(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and
(d) in the case of an * ancillary or community charity trust fund--the fund and all of its trustees comply with the rules in the * applicable trust fund guidelines; and
(e) in the case of a * community charity corporation--the corporation and all of its directors comply with the rules in the * community charity corporation guidelines.
Endorsement of an entity for operating a fund, authority etc.
(2) An entity is entitled to be endorsed as a * deductible gift recipient for the operation of a fund, authority or institution that is described (but not by name) in item 1, 2 or 4 of the table in section 30 - 15 and is not described by name in Subdivision 30 - B if:
(a) the entity has an * ABN; and
(b) the entity:
(i) legally owns the fund; or
(ii) includes the authority or institution; and
(c) the fund, authority or institution meets the relevant conditions (if any) identified in the column headed "Special conditions" of that item; and
(d) the entity meets the requirements of subsection (6), unless:
(i) the entity is established by an Act; and
(ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and
(e) the entity meets the requirements of section 30 - 130, unless the entity is endorsed as a deductible gift recipient under paragraph 30 - 120(a).
Relevant special conditions in table in section 30 - 15
(3) To avoid doubt:
(a) a condition requiring the fund, authority or institution to meet the requirements of section 30 - 17 is not a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section; and
Note: Section 30 - 17 requires the entity to be endorsed under this Subdivision as a deductible gift recipient.
(b) in the case of a fund, authority or institution that is described in item 1 of the table in section 30 - 15--a condition set out in the relevant table item in Subdivision 30 - B, including a condition identified in the column headed "Special conditions--fund, authority or institution" of that item (if any), is a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section.
Note: Paragraph (c) of the column headed "Special conditions" of item 1 of the table in section 30 - 15 requires any conditions set out in the relevant table item in Subdivision 30 - B to be satisfied.
Transfer of assets from fund, authority or institution
(6) A law (outside this Subdivision), a document constituting the entity or rules governing the entity's activities must require the entity, at the first occurrence of an event described in subsection (7), to transfer to a fund, authority or institution gifts to which can be deducted under this Division:
(a) any surplus assets of the gift fund (see section 30 - 130); or
(b) if the entity is not required by this section to meet the requirements of section 30 - 130--any surplus:
(i) gifts of money or property for the principal purpose of the fund, authority or institution; and
(ii) contributions described in item 7 or 8 of the table in section 30 - 15 in relation to a * fund - raising event held for that purpose; and
(iii) money received by the entity because of such gifts or contributions.
Events requiring transfer
(7) The events are:
(a) the winding up of the fund, authority or institution; and
(b) if the entity is endorsed because of a fund, authority or institution--the revocation of the entity's endorsement under this Subdivision relating to the fund, authority or institution.
Note 1: There are 2 ways an entity can be endorsed because of a fund, authority or institution. An entity can be endorsed either because it is a fund, authority or institution or because it operates a fund, authority or institution.
Note 2: Section 426 - 55 in Schedule 1 to the Taxation Administration Act 1953 deals with revocation of endorsement.
Note 3: The entity is also required to keep appropriate records: see section 382 - 15 of the Taxation Administration Act 1953.