The RWTF is a corporate Commonwealth entity. It is a not-for-profit entity. The RWTF was established by the Services Trust Funds Act 1947. The Act provides that the Trustees shall, subject to and in accordance with the regulations, apply the Fund in providing benefits for members of the Defence Forces who have served in, or in association with, the Royal Australian Air Force and to the dependants of such members.

The RWTF does not receive nor is it reliant on Government funding.