The Treasurer announced in the 2008 Budget that the Government will legislate guidelines to improve the integrity of Prescribed Private Funds (PPFs) and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations.
This commitment is to be achieved by amending and legislating the PPF guidelines to, among other things, ensure regular valuation of assets at market rates and increase the size of compulsory distributions. The Commissioner of Taxation will also be given greater regulatory powers.
This discussion paper, released by the Assistant Treasurer, outlines these changes, and provides a point of reference for public submissions on this measure. This measure will have effect from 1 July 2009.