Commonwealth Numbered Regulations - Explanatory Statements

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INCOME TAX ASSESSMENT AMENDMENT REGULATIONS 2001 (NO. 3) 2001 NO. 288

STATUTORY RULES 2001 No. 288

Issued by authority of the Assistant Treasurer

Income Tax Assessment Act 1997

Income Tax Assessment Amendment Regulations 2001 (No. 3)

Section 909-1 of the Income Tax Assessment Act 1997 (the Act) provides that the GovernorGeneral may make regulations for giving effect to the Act.

The purpose of the Regulation is to amend the Income Tax Assessment Regulations 1997 (the Regulations) to list certain funds as prescribed private funds.

Gifts made to prescribed private funds are tax deductible in accordance with item 2 in the table to section 30-15 of the Act. 'Prescribed. private fund' is defined in section 995-1 of the Act to mean a fund that is prescribed by the Regulations for the purposes of the definition but does not include any fund that has been declared by the Treasurer, in writing, not to be a prescribed private fund.

New Regulation 995-1.02 lists the following funds as prescribed private funds for the purposes of section 995-1 of the Act. Each of the funds listed is a prescribed private fund on and from the. date of effect specified in the Regulation. Each fund is established and maintained for the purpose of providing money. property or benefits to a fund, authority or institution that is listed either by name or by type in a table to Subdivision 30-B of the Act.

Name of fund	Date of effect
Nelson Meers Foundation	21 June 2001
Sargents Foundation Sub-Fund	21 June 2001
The Andersen Foundation	21 June 2001
Brencorp Foundation	22 June 2001
Gandel Foundation	22 June 2001
Gonski Foundation	22 June 2001
Humanity Trust	22 June 2001
Levy Foundation	22 June 2001
The CINS Foundation	22 June 2001
The Cuthbert Foundation	22 June 2001
The F&J Ryan Foundation	22 June 2001
The Joan & Peter Clemenger Trust	22 June 2001
The Parncutt Family Foundation	22 June 2001
The Pratt Family Foundation	22 June 2001
The Rodney & Judith ONeil. Foundation.	22 June 2001
The Sentinel Foundation	22 June 2001
The Charitable Foundation	25 June 2001
The Noble Foundation	27 June 2001
The Sarah and Baillieu Myer Family Foundation	27 June 2001
Wind Over Water Foundation	27 June 2001
The Aranday Foundation	28 June 2001
JB Were & Son Charitable Fund	28 June 2001
The Mill House Foundation	11 July 2001

The sole purpose of the Funds is to provide money, property or benefits to or for eligible charities, or for the establishment of eligible charities, as the Trustee decides.

'Eligible charity' as defined in the Funds' Trust Deed means a fund, authority or institution which is charitable at law and gifts to which are deductible under item 1 in the table to section 30-15 of the Act.

The Regulations commenced on gazettal. Although the amending Regulations have effect from dates earlier than gazettal for each fund, subsection 48(2) of the Acts Interpretation Act 1901 is not contravened. Subsection 48(2) prohibits the retrospective operation of regulations which adversely affect the rights of, or impose liabilities upon, a person. The amending Regulations do not adversely affect the rights of, or impose liabilities upon any person. The Regulations are beneficial to the funds concerned and taxpayers making donations to those funds.