Responsible Person Definition
A Responsible Person as defined by the Australian Taxation Office is an individual judged to have a degree of responsibility to the general community. The ATO requires the majority of trustees, or the majority of the board or committee of an incorporated trustee, of an Ancillary Fund to be Responsible Persons. A Prescribed Private Fund must have among its trustees or on its board of directors at least one independent person who is a Responsible Person.
The ATO's model trust deed for Prescribed Private Funds defines a Responsible Person as an individual who:
- performs a significant public function;
- is a member of a professional body having a code of ethics or rules of conduct;
- is officially charged with spiritual functions by a religious institution;
- is a director of a company whose shares are listed on the Australian Stock Exchange;
- has received formal recognition from government for services to the community; or
- is approved as a Responsible Person by the Commissioner.