Date posted: 31/01/2022

Submission on what’s required to establish and maintain a public fund

Inland Revenue issued a draft question we’ve been asked on what is required to establish and maintain a “public fund”

Inland Revenue set out their view of what is required to establish and maintain a “public fund” under section LD 3(2)(d) of the Income Tax Act 2007 in draft statement PUB00372.

CA ANZ recommended:

  • Reference be made to the operational statements on donee organisations.
  • The item consider the need for compliance with financial reporting standards for not-for-profit public benefit entities.

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