Coronavirus (COVID-19) updates from the Australian Government

Improving the Integrity of Prescribed Private Funds

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Exposure Draft

Key Documents

The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has released for public consultation an exposure draft of legislation that gives effect to the Government’s 2008 Budget commitment to improve the integrity of prescribed private funds (PPFs).

PPFs are a form of ancillary trust fund designed to encourage private philanthropy by providing private groups, such as businesses, families and individuals, with greater flexibility to start their own trust funds for philanthropic purposes. Donors receive a tax deduction for donations to their PPF, and most PPFs are also income tax exempt.

The changes are planned to have effect from 1 October 2009.

An exposure draft of the new guidelines is likely to be made available for public consultation later this month.

Submissions

14 submissions were received for this consultation, including 2 confidential submissions.

Arnold Foundation - pdf 76.38 KB
Ernst and Young - pdf 124.41 KB
Goldman Sachs JBWere - pdf 27.98 KB
HMH Accountants - pdf 61.82 KB
Mr Church - pdf 23.08 KB
Myer Family Office - pdf 152.27 KB
Perpetual Trustees - pdf 1.82 MB
Philanthropy Australia - pdf 182.45 KB