You are using a version of the website built for webcrawlers and people whose devices cannot use javascript.
Some functionality will not be available.
Contents (2001 - 10)
Skip to content
Nature Conservation Trust Act 2001 No 10
Repealed version for 15 January 2016 to 24 August 2017 (accessed 15 December 2019 at 00:32)
Part 2 Division 4
Division 4 Financial matters
27   Financial year
The financial year of the Trust is the year commencing on 1 July.
27A   Public Fund
(1)  The Trust is to establish and maintain a public fund for the principal purpose of the Trust.
(2)  The fund is to be called the Nature Conservation Trust of New South Wales Public Fund.
(3)  The Public Fund is not-for-profit.
(4)  The following are to be held in the Public Fund:
(a)  all gifts of money or property made for the principal purpose of the Trust that are to be made to the Public Fund under section 30-130 of the Commonwealth Income Tax Assessment Act,
(b)  all contributions made in relation to a fundraising event held for the principal purpose of the Trust that are to be made to the Public Fund under section 30-130 of the Commonwealth Income Tax Assessment Act,
(c)  any money received by the Trust because of such gifts or contributions.
(5)  No other money or property is to be held in the Public Fund.
(6)  Money and property held in the Public Fund may be used by the Trust only for its principal purpose.
(7)  Money held in the Public Fund is to be paid into an account kept, for the purposes of the Public Fund, with an authorised deposit-taking institution.
(8)  The Trust must comply with any requirements made of it in connection with registration as an environmental organisation under Subdivision 30-E of the Commonwealth Income Tax Assessment Act.
(9)  In particular, the Trust must:
(a)  comply with any rules made by the Treasurer and the Environment Minister under Subdivision 30-E of the Commonwealth Income Tax Assessment Act to ensure that gifts or contributions made to the Public Fund are used only for its principal purpose, and
(b)  provide to the Environment Secretary under Subdivision 30-E of the Commonwealth Income Tax Assessment Act, within 4 months after the end of each financial year of the Trust, any statistical information about gifts or contributions made to the Public Fund during that financial year required for the purposes of compliance with that Act.
(10)  The Trust must appoint a management committee to manage the Public Fund on its behalf.
28   Operating accounts
(1)  The Trust is to establish and maintain an account (an operating account) that is separate from the account kept for the purposes of the Public Fund.
(2)  More than one operating account may be established.
(3)  There is to be paid into an operating account:
(a)  all money received by or on account of the Trust that is not required to be held in the Public Fund, and
(b)  the proceeds of investment of such money, and
(c)  all money borrowed by or advanced to the Trust, and
(d)  all money directed to be paid into an operating account by or under this or any other Act.
(4)  The money in an operating account may, subject to the terms of any trust or condition affecting that money or any part of it, be applied for any one or more of the following purposes:
(a)  providing the remuneration of the members of the Board and the Chief Executive Officer and other staff of the Trust,
(b)  discharging the liabilities incurred by the Trust in the exercise of its functions,
(c)  any other purpose authorised by or under this or any other Act.
(5)  An operating account is to be kept with an authorised deposit-taking institution.
29   Exemption from certain State taxes
The Duties Act 1997 does not apply to or in respect of:
(a)  the acquisition of land by the Trust for the purposes of this Act, or
(b)  the leasing of land (whether as lessor or lessee) by the Trust for the purposes of this Act, or
(c)  the disposal of land by the Trust under this Act.
Note.
 This Act amends the Land Tax Management Act 1956 and the Local Government Act 1993 so as to exempt land vested in, owned by, held on trust by or leased by the Trust from liability for land tax and for local government rates.